Wednesday 17ht August 2016 by THISDAY Newspapers Ltd

CBN Reviews Weekly Dollar Sale to BDCs to $50,000 To disburse special intervention fund to real sector at single digit

James Emejo in Abuja

The Central Bank of Nigeria (CBN) yesterday resolved to raise the amount of weekly foreign currency which banks

are authorised to sell to Bureau de Change operators (BDCs) to $50,000 from the initial $30,000. Also, the bank said the special intervention fund drawn from banks' cash

reserves sometime ago would now be disbursed to support the real sector, particularly primary agricultural projects and core manufacturing. The CBN said the release

of the funds would ease liquidity crunch, and allow for financing of critical projects at low interest regime. Addressing journalists on the outcome of the Bankers'

Committee meeting in Abuja, CBN Director, Banking Supervision, Tokunbo Martins, alongside other bank chief executives, said the special intervention fund had

remained idle for a long time and the committee reached an agreement that it be disbursed to support the real sector. Continued on page 10

Crude Oil Prices Hit over 5-week Highs, Brent Sells at $48.81...

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Wednesday 17 August, 2016 Vol 21. No 7782. Price: N250

www.thisdaylive.com TR

TODAY'S WEATHER

ABUJA 16°C-33°C

MAIDUGURI 15°C-35°C

UT H

& RE A S O

ENUGU 22°C-34°C

KANO 11°C-33°C

LAGOS 23C-31°C

PORT HARCOURT 20°C-30°C

Again, Judges in Show of Shame over PDP Convention Port Harcourt court overrules Abuja over party convention Orders INEC, DSS, police to enforce ruling Electoral body assures party of participation Tobi Soniyi, Onyebuchi Ezigbo and Alex Enumah in Abuja and Ernest Chinwo in Port Harcourt The judiciary would appear to have descended into an arena of political conflicts as two divisions of the Federal High Court engage in a fight for supremacy, delivering four

contradictory rulings within two days centering on the repeat National Convention of the Peoples Democratic Party (PDP) holding today in Port Harcourt, the Rivers State capital. While Justice Ibrahim Watila of the Port Harcourt Division Continued on page 8

IBB at 75, Says ‘I’m Not an Evil Genius’

Calls for part-time legislature to cut cost of governance Buhari, Atiku greet him Tobi Soniyi and Onyebuchi Ezigbo in Abuja, Laleye Dipo in Minna Celebrating his 75th birthday in Minna, the capital of Niger State, yesterday, former military president, Gen. Ibrahim Badamasi Babangida, protested an age-long derisive appellation, saying he was not

the evil that people ascribe to him. Interestingly, President Muhammadu Buhari, who Babangida pushed out of power in 1985, paid him glowing tributes yesterday "There is hardly any major episode in Nigeria's short Continued on page 10

REPORTING FACTS

Ogun State Governor, Senator Ibikunle Amosun (right), and the President of the Nigeria Union of Journalists (NUJ), Mr. Waheed Odusile, at the opening of the maiden annual National Media Summit in Abeokuta...yesterday

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Crude Oil Prices Hit over 5-week Highs, Brent Sells at $48.81 Ejiofor Alike with agency report The prices of crude oil in the international market yesterday reached their highest levels in more than five weeks due to heightened speculation that the Organisation of Petroleum Exporting Countries (OPEC) would embark on output cuts to prop up prices. According to Reuters, the global benchmark, Brent crude futures, yesterday hit a high of $48.81 per barrel, their highest since July 7, while the United States West Texas Intermediate

crude reached $46.21 per barrel, its highest since July 15, before easing to $45.94 per barrel. The renewed optimism followed an earlier remark credited to the Saudi Arabia's Energy Minister, Khalid al-Falih, that Riyadh would work with OPEC and non-OPEC members to help stabilise oil markets. But the cases of Nigeria and Libya could complicate the proposed OPEC deal as the two countries cannot cut output further, following the recent production cuts suffered by both countries on account of internal crisis.

Nigeria's output hit its lowest in over 20 years this year due to attacks by Niger Delta militants, which curbed over 700,000 barrels per day while Libya is producing a fraction of the pre-conflict level, raising doubts over the possibility of further cuts in both countries. However, al-Falih comments had raised investor expectations that the cartel could take actions to curb the oversupply in the market. Much of the gains have been attributed to investors' expectations that OPEC will take action to rein in

ballooning oversupply. "It was a piece of good news that the market latched onto," Reuters quoted the Head of Commodity Market Strategy at BNP Paribas, Harry Tchilinguirian, as saying. But analysts including Tchilinguirian, were doubtful of any such deal and Nigeria's Minister of State for Petroleum, Ibe Kachikwu, shared similar doubts. "Optimism on my part is quite sparse, but I believe engagement with the 70 per cent oil producers might have an impact," Kachikwu was said to have written on

his Twitter account. Kachikwu had reportedly told CNN’s Richard Quest on Monday that he was not particularly optimistic about the possible talks on a production freeze by other oil producing countries to bolster prices, saying similar efforts a few months ago had failed. The oil production losses in Nigeria, which has been beset by escalating militant attacks in the oil rich Niger Delta region this year, echoed lower output in Venezuela. Kachikwu had also said Nigeria would have to increase oil output by an

average of 900,000 barrels per day in order to recover crude oil that had been shut in to a series of militant attacks on oil and gas assets in the Niger Delta in recent months. Venezuela is on track for its steepest annual oil output drop in 14 years as it struggles with an economic and political crisis and years of under investment and mismanagement. In the United States, the Energy Information Administration (EIA) said it expected the country's shale oil production to fall for a tenth consecutive month in September.

the convention which held on the 21st of May in Port Harcourt and that judgment is the judgment of the Federal High Court in Port Harcourt given on the 4th of July. That judgment is final and it has completely determined questions on the validity of the convention and the validity of the decisions of that convention. "A ruling or an opinion of a court of coordinate jurisdiction which suggests anything else must be discountenanced. It is only the Court of Appeal that can set aside the judgment of the Federal High Court.”

holding any convention that would produce a new chairman of the party. On Monday, the judge issued an order suspending the convention. He also directed the IG to enforce the order while the plaintiff was also directed to complete form 48 and serve the parties particularly INEC. Abang, while delivering ruling on the motion, stated that there was need to take a decision that would ensure the safety of life and property as well as prevent the breakdown of law and order. The judge held that the unfortunate situation that the court found itself could have been avoided if the Port Harcourt judge had drawn the attention of the chief judge to the suit when it was filed on the 9th of August. He stated that the Federal High Court was just one court with several divisions for administrative purposes with the intention of delivering justice to all Nigerians and as such, no division was superior to the other. Abang claimed that he was first assigned the case by the chief judge and as such had jurisdiction over the matter, adding that the Port Harcourt division should not have entertained jurisdiction and thereby gave orders that were conflicting. He said the Port Harcourt division could not make an order neutralising the orders made by the Abuja division as a court of coordinate jurisdiction. Abang warned that any party that failed to comply with the decision of the court would have itself to blame. He also warned that nobody by his conduct should bring himself into confrontation with the court, stressing that nobody was above the law. He adjourned till 7th of September, 2016 for the hearing of the substantive matter.

(CJN) and the National Judicial Commission (NJC) to investigate the activities of the Federal High Court, Port Harcourt Division before they throw the country into anarchy. Sheriff, who expressed his frustrations at seeking justice and stop the PDP convention he considered to be illegal, said that he had realised that President Muhammadu Buhari was right in his critique of the judiciary. He alleged that as part of a ploy to frustrate his case, the registry staff of the Port Harcourt Division ran away from their duty post and kept his lawyers searching all over the place to enable them file their papers. Speaking at a press conference in Abuja yesterday, Sheriff alleged that the registry staff disappeared from their duty post when his lawyers went to file his defence. He said he was ready to quit the stage even if it was only a segment of the party members that did not want him but that the process must be right. He said that he would not recognise the national convention being held today

AGAIN, JUDGES IN SHOW OF SHAME OVER PDP CONVENTION ruled emphatically yesterday that the party’s convention being organised by the Ahmed Makarfi-led National Caretaker Committee should go on, ordering the Independent National Electoral Commission (INEC), the Department of State Services (DSS) and the police to provide legal cover for the exercise, Justice Okon Abang of the Abuja Division barred the convention from holding. The two judges had on Monday delivered contradictory rulings with the same effect on the subject matter. The PDP had become polarised following the 21 May, 2016 National Convention held in Port Harcourt, which sacked the Modu Sheriff-led National Executive Committee (NEC) and replaced it with the seven-man Makarfi National Caretaker Committee, with a mandate to organise another convention within 90 days. But both camps instituted a litany of suits at the Federal High Court, creating the prevailing situation which concerned legal authorities regretted had brought ridicule and shame to the judiciary. As the two divisions are of coordinate jurisdiction, the disputants have decided to pick and choose which order they would obey. The Makarfi committee said yesterday that the convention would proceed today without fail as ordered by Justice Watila, preferring to ignore the rulings of Justice Abang that not only suspended the exercise on Monday but ordered INEC, DSS and the police to stop it from holding. Whilst it was unclear which of the orders the DSS and the police would obey, INEC said yesterday that it was on standby to give effect to the rulings of Justice Watila. The Deputy Director of Voter Education and Publicity of INEC, Mr. Nick Dazang, told journalists on telephone that while the commission had been served the Port Harcourt Division judgment, it was yet to be served the Abuja Division judgment. "As soon as it (the commission) is served the Abuja High Court judgment, it will take a decision. In

the meantime, and following the Port Harcourt judgment, our monitoring staff are on standby," he said.

Justice Watila Recognises Makarfi, Revalidates Convention Justice Watila in his ruling yesterday declared that the National Caretaker Committee of the PDP is the executive authority in all matters concerning the party and that today’s National Convention of the party in Port Harcourt is in line with the July 4 judgment of his court which validated the May 21, 2016 National Convention. He, therefore, ordered INEC to monitor the convention. He also ordered the Inspector General of Police (IG), the Director General of DSS, the Rivers State Commissioner of Police and the Rivers State Director of DSS to provide security at the convention. The decisions of the court were contained in its judgment in suit no: FHC/ PH/CS/585/2016 between Senator Ben Obi (plaintiff) on behalf of the National Convention Planning Committee of the PDP, and the IG, state commissioner of police, the DSS, the state director of DSS and INEC (as defendants). Justice Watila noted that the July 4 judgment of his court had not been upturned by any appellate court and so was valid and subsisting. A mild drama, however, played out in the court as the judge was about to deliver his judgment. A lawyer, who gave his name as T. A. Damiari, rose to get the attention of the court that he represented a party seeking to be joined in the suit. But the judge said he had not seen any process to that effect and would go on to deliver his judgment. When Damiari insisted on being joined, Watila ordered the lawyer to sit down as he would not entertain any attempt to ridicule his court. “Please sit down. You cannot arrest my judgment. This is not a kangaroo court. Neither am I a politician,” Watila said.

While delivering his judgment, Watila also noted that the defendants in the suit were appropriately served but failed to enter appearance in the suit, adding that that would not be an excuse for him not to rule on the application. Watila declared that the July 4 judgment of the Federal High Court in Port Harcourt recognised the May 21 National Convention which produced the National Caretaker Committee and that it had not been appealed against or set aside, hence it behoves the court to protect that judgment. "It is necessary for the defendants to carry out their respective functions at the 17th August, 2016 event,” he declared. The court stressed that all the defendants were clearly and without dispute bound to obey the judgment. "This court will not shy away from protecting the sanctity of its judgment. The court has held that the appointment of the PDP National Caretaker Committee is valid,” he said. He stated: "In view of the subsisting judgment of this Honourable Court in Suit No: FHC/PH /CS /524/2016, PDP V. Senator Ali Modu Sheriff and others, the defendants cannot lawfully interfere or prevent the plaintiff from organising/ holding the planned National Convention of the PDP to hold in Port Harcourt on August 17th 2016." In granting the originating summons, Watila declared that the defendants were duly served all the processes of the suit filed by the Secretary of the National Caretaker Committee, but chose not to contest the facts. He stated that court records indicated that the proceedings and order of 10th August, 2016 and the interlocutory injunction of 15th August, 2016 were served on the defendants with proof of service. Addressing journalists after the judgment, counsel to Senator Obi, Dejo Lamikanra (SAN), said the ruling gave effect to the judgment of July 4 of the Federal High Court. Lamikanra said: “There is only one judgment with regards to the validity of

Justice Abang Supports Sheriff, Bars Convention But sitting in Abuja, Justice Abang while stopping the convention, went ahead to threaten to deal with the organisers of the convention if they refuse to comply with his orders. He said his decision and that of his colleague in Port Harcourt were capable of ridiculing the judiciary and laboured to extricate himself by blaming his colleague sitting in Port Harcourt. The judge contended that the orders made by his colleague in Port Harcourt were not capable of neutralising orders made by him, adding that he also lacked the powers to neutralise their orders because they are courts of coordinate jurisdiction. None is superior to the other. Ruling on a motion of interlocutory injunction brought by Sheriff, seeking to stop the convention by the Makarfi Caretaker Committee, Justice Abang berated the defendants particularly Obi for what he considered as flagrant disregard for his court. The judge in the restraining order stopped the PDP from conducting the convention and restrained INEC from supervising or monitoring the convention slated for today or any other planned date pending the determination of the substantive matter before him. He also restrained the party from presenting or sponsoring any person or

Sheriff Petitions NJC to Probe Port Harcourt Division Sheriff has called on the Chief Justice of the Federation

Continued on page 10

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T H I S D AY WEDNESDAY AUGUST 17, 2016

T H I S D AY • WEDNESDAY, AUGUST 17, 2016

NEWS

Presidency: Buhari Studying Judicial Panel Report on Shiite, Soldiers’ Clashes Tobi Soniyi in Abuja President Muhammadu Buhari is studying the report of the judicial inquiry into the clashes between soldiers and members of the Shiite Movement in Nigeria, led by Sheikh Ibrahim El-Zakzaky. A statement in Abuja yesterday by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said the president had also assured international and local human rights groups of appropriate response on the report. According to Shehu, "The president is studying the details of the report before announcing appropriate response in due course. "The president's commitment to human rights remains unchanged because it is a cardinal component of the democratic order."

When the clashes occurred in December, Buhari had told the nation during the Presidential Media Chat that he was awaiting the outcome of the report of inquiry into the incident before making an appropriate response. Shehu said the Buhari administration believed in due process and the rule of law and that any response to the report would follow this principle. He said the federal government would continue to act in the larger interest of the public to prevent such violent incidents. Following the clashes, the Kaduna State Governor, Nasir el-Rufai, had set up a panel to investigate the clashes. The panel submitted its report last month. However, the followers of El-Zakzaky rejected the report describing it as absurd and bias.

El-Zakzaky

AGAIN, JUDGES IN SHOW OF SHAME OVER PDP CONVENTION in Port Harcourt or anyone elected at the event, adding that he was ready to pursue the court case until justice was done "I will not recognise any of these gatherings. I will pursue the rule of law until justice is done,” Sheriff said. The July 4th judgment delivered by Justice Muhammed Liman recognised the caretaker committee led by Makarfi as the authentic acting national chairman of the PDP and also said that the May 21

convention was constituted.

legally

Convention on Course, Says Wike Chairman of the PDP National Convention Planning Committee and Governor of Rivers State, Nyesom Wike, has said the party's convention slated for today is on course despite the ruling of Justice Abang. Addressing journalists in a pre-convention briefing

yesterday evening in Port Harcourt, Wike noted that the Abuja court merely issued an interlocutory order after the Federal High Court sitting in Port Harcourt had given a judgment that the convention was valid. He stated that the judgment of the Port Harcourt Division revalidated the court's earlier judgment of July 4 in a suit of which ousted Sheriff who was a defendant. "We stand by the judgment of the Federal High Court in Port Harcourt on July 4,

which has not been set aside. We are not disobeying any court order," Wike said. He also said his committee was set to organise a transparent and successful national convention of the party and described fears of imposition of candidates as baseless. "Aspirants have been screened, the venue is ready and everything is set for the convention," he said.

Trustees endorses Convention

the party. The BoT stated that the appointment of the governor as the chairman of the National Convention Planning Committee was commendable as it has helped to set up a worthwhile convention. Jubrin said all the leaders of the PDP are in Rivers State for the convention. Responding, Wike said that members of the PDP must make sacrifices to ensure that the party moved forward in the interest of the party.

Also yesterday, the Board of Trustees (BoT) of the PDP declared its support for the convention. Speaking during a solidarity visit to Wike at the Government House, Port Harcourt, Chairman of the BoT, Wali Jubrin, said the board members at their pre-convention meeting endorsed the contributions of the governor to re-position

join the army to be ready to face the task ahead, adding: “The youth should expect to serve in any situation that they may be called upon to serve. The army is a noble profession and it is a profession that requires a lot of courage.” Two prominent Nigerians testified to his good character in separate goodwill messages yesterday. Buhari and former VicePresident Atiku Abubakar said that Babangida deserved accolades for his contributions to the development of the nation. The president said: "On behalf of myself, my family, the government and people of Nigeria, I wish to heartily congratulate you on the milestone of attaining 75 years. "I equally wish to congratulate you on your service to the country, and

your commitment to oneness and indivisibility of the Federal Republic of Nigeria. "There is hardly any major episode in Nigeria's short history where your name and contribution does not feature. "On this special occasion, I pray that Almighty Allah grants you many more years to see Nigeria grow and develop beyond all of our wildest dreams." On his part, Atiku said one of the greatest legacies of Babangida was twoparty system which made the political process more manageable. Atiku, who spoke through a statement by his Head of Media, Paul Ibe, in Abuja yesterday said Babangida reduced the wastage of resources through the financial support the political parties got from the country’s electoral

commission. He noted that the former military president facilitated the development of the Federal Capital Territory, conceived by a former Head of State, late Gen. Murtala Mohammed. “The virtues of forgiveness and the magnanimous spirit of the former president is one of the magnetic and endearing features of his character. It is impossible to encounter IBB without being moved by his humility towards people, regardless of their social status in life,” Atiku said, adding: “His detribalised nature and passion about Nigeria’s oneness are virtues worthy of emulation.” He prayed that God grants the former military president many more years in good health so that the country could continue to drink from his fountain of wisdom.

Accessing forex had been a topical issue for Nigerians in recent times and the CBN had been evolving various methods to douse the situation. The Managing Director, Jaiz Bank Plc, Hassan Usman, said the committee deliberated on the need to promote financial inclusion through financial

literacy programmes. He said a two-day financial literacy workshop was being planned for media practitioners in order to enhance the awareness campaign as it seeks to achieve the 80 per cent financial inclusion target by 2020. Group Managing

Director, Zenith Bank Plc, Peter Amangbo, said discussions also centred on the forthcoming 2016 World Savings Day, adding that all banks would mobilise to cover all the 774 local government areas in the country to inculcate in Nigerians, the need to save massively.

PDP

Board

IBB AT 75, SAYS 'I'M NOT AN EVIL GENIUS' history where your name and contribution does not feature,” he said in a congratulatory message to his erstwhile adversary. Widely referred to in the media as an evil genius because of his deft political manoeuvres in his days as military president, Babangida said he was a trustworthy person with an excellent background. “I am not the evil genuis that a lot of people think I am. I have an excellent background and by my training I am trained to love people,” he told newsmen in Minna at a press briefing held as part of activities to mark his 75th birthday, which comes up today, explaining that he had been largely misunderstood and dubbed evil genuis because of his job. He said: “I was bound to be misconstrued and people

will take it like that but I consider it as opinions as long as I am not what you think I am I feel satisfied.” Asked what he would have done differently if he had the opportunity, the former military president said he would have made the National Assembly a part-time business as one of the ways to save cost. According to him, “In 1989 we proposed that the National Assembly should be part-time. I still believe that if I had the opportunity I will make the National Assembly part-time. I believe in that very strongly. It is all in an effort to cut down the cost of governance.” Babangida said being a military officer was more challenging than being a military president because as the latter, he had to seek people's advice and discuss based on the prevailing

situation. On the contrary, he said, a military officer would act alone and take responsibility for his decisions. “You are the only one with the troops you are commanding. Their hopes are on you and if you read a situation wrongly you will put everyone in danger,” he explained. The former military president, who fought in the Nigeria-Biafra civil war, relived his battle-front experience, saying the movement of the federal troops from Enugu to Umuahia was his toughest military experience because they (the troops) had to be physically fit to undertake the journey on foot through the jungles and the mountains. Babangida said it was at this front that he got injured. He challenged young Nigerians with ambition to

CBN REVIEWS WEEKLY DOLLAR SALE TO BDCS TO $50,000 She, however, explained that projects that would benefit from the disbursement must strictly be the ones that support import substitution and help preserve foreign exchange by ensuring that whatever was being imported before would now be manufactured in the country, She said: "So it would only

be released to those kinds of projects and not any kinds of projects. Once those funds are released, we see some ease in the industry- there will be more liquidity and important projects will be able to get financing at lower interest rate and at single digit." However, Group Managing Director, United Bank for

Africa (UBA), Kennedy Uzoka, said following the feedback from the market, the committee decided to effect an upward review in dollar sale to BDCs. He said the increase would make more cash available to BDCs and increase the supply which would help to drive down price.

T H I S D AY WEDNESDAY AUGUST 17, 2016

WEDNESDAY AUGUST 17, 2016 • T H I S D AY

NEWS

News Editor Davidson Iriekpen Email davidson.iriekpen@thisdaylive.com, 08111813081

Lalong Begins Jang’s Probe Stop making mockery of your seat, Jang tells governor

Seriki Adinoyi in Jos The Plateau State Government will today inaugurate a six-man commission of inquiry to probe the administration of the immediate past Governor, Jonah David Jang. A statement signed by the Director of Press to Governor Simon Lalong, Mr. Emmanuel Nanle, said the governor was only exercising “the power conferred on him by Section 2 of the Commissions of Inquiry Law Cap 25 of the Laws of Northern Nigeria 1963, (as applicable to Plateau State) and other relevant laws enabling him in that behalf.” The commission, which would be chaired by Justice Stephen Adah, is expected to “ascertain all financial transactions, done or entered into by the Government of Plateau State of Nigeria or through any of its ministries, departments, and agencies (MDAs), or official acting in its name from May 29, 2007 to

May 29, 2015.” Other terms of reference include; ascertaining and establishing all financial allocations, funds, grants or monetary interventions and revenues which accrued to or in the name of the Government of Plateau State of Nigeria. MDAs, officials or agents from the Federal Government of Nigeria or any international institutions or donor agencies from May 29, 2007 to May 29, 2015; to ascertain and establish all loans granted to or obtained by the state government through any of its MDAs, and the purpose for which such loans were obtained and whether the loans were used for such purpose. The commission is also expected to ascertain whether any property belonging to the state government or any of its MDAs, parastatals and institutions which were sold or in any way concessioned to any person(s), or institution(s), by any government ministry, MDAs, or

officials between May 29, 2007 and May 29, 2015, followed due process or procedure and whether the proceeds of such sale or concession were paid into appropriate government coffers. Other members of the commission are Mrs. Bibiana Bawa, Aliyu Sangei, Prof Ekoja B. Ekoja, Samuel Onu Agamah and Alhaji Sani Yahaya Mavo, who serves as secretary of the commission. But reacting to the new of his probe, Jang appealed to Lalong to always conduct himself like a statesman that he is expected to be, urging him to stop making mockery of the governorship seat that the people of the state have entrusted in his hand. The former governor who spoke through his media aide, Mr. Clinton Garuba, advised his successor not to usurp the powers of the

Economic and Financial Crimes Commission (EFCC) in his quest to demonise him. Lalong had expressed worry that in spite of the many allegations he had brought before the EFCC against Jang, the commission has refused to take any action. But Jang said: “Critical agencies of the government like the EFCC are not run by infantile whims or impulsive wishes, which is why the sterling record of performance as exemplified in the state by Senator Jang could not keep him beyond some few hours at the EFCC when he was invited sometimes ago, and it would remain so even if Lalong himself were to head the commission.” He described as outrageous the claim by Lalong that he has bought over all journalists in the state, noting that he was not in any

way disturbed by what the media would report because his record as governor of the state stands him out as the best the state has ever produced since the inception of democracy. Clinton observed that “each time Lalong faces the reality of his accidental governorship, he blames the former governor, but this time, the EFCC and journalists in the state have made his list. “At a time Lalong’s cluelessness, unpreparedness, and rudderless style of governance is ever becoming more obvious as a testament to the glowing achievements of the man he now chose to mortify, it is not surprising that his recent outburst was at an airport, having just returned from a record ninth fruitless, baseless, meaningless, and wasteful foreign trip since he become governor.

“His escapist attempt at delusion, carefully scripted and acted to shift attention from his vacation funded by public funds to China cannot be masked by one of his laughable conjectures. How else can he justify using taxpayers’ money to satisfy his holidaying needs, if he doesn’t invent a convenient scapegoat?” He further noted: “Those who have identified the burnt Jos main market as a conduit to siphon scarce resources needed to salvage citizens from untold hardship have a lot of buying to do so that the right questions may be kept from the people. Otherwise, someone has to explain how consultancy fee for the proposed rebuilding of Jos main market alone costs about N250million, even though the people were sold a sensational yet misleading story.”

Buhari Directs NNPC to Search for Oil in Benue Trough Chineme Okafor in Abuja President Muhammadu Buhari has directed the Nigerian National Petroleum Corporation (NNPC) to begin to search for crude oil and gas from the Benue Trough, NNPC’s Group Managing Director, Maikanti Baru, disclosed yesterday. Baru said in Abuja that the president’s directive was part of efforts by his government to guarantee energy security for the country, through oil and gas mining from other parts of the country outside the Niger Delta. The directive however came few weeks after Buhari asked NNPC to resume oil and gas exploration in the Chad Basin. Baru said then that the Chad Basin was prolific and would not be left untapped. He disclosed the president’s directive on the Benue Trough to a delegation of Benue State government that paid him a courtesy visit in Abuja. The outcome of the meeting was stated in a statement from the Group General Manager Public Affairs of the corporation, Mallam Garuba Deen Muhammad. However, reports indicate that the Benue Trough is a major geological formation underlying a large part of Nigeria, and extending about 1,000 kilometer north-east from the Bight of Benin to Lake Chad. The statement also said that both NNPC and Benue have reinvigorated their collaboration

on an ethanol production project. Baru noted in the statement that ethanol when blended with petrol ensures excellent performance of vehicles, and such energy sufficiency and proficiency were part of the cardinal objectives of the NNPC. The statement also explained that the leader of the delegation, Chief Terwase Orbunde, had earlier commended the NNPC for resolving the recent fuel supply challenges and pledged the readiness of the state government to support the quick take off of the ethanol project, as it would generate jobs for Nigerians. According to the statement, Orbunde assured the NNPC of full support and cooperation from the state government and the host communities. He added that the government fully identified with the energy policy of the federal government. It said the ethanol project was part of what NNPC initiated as its renewable energy programme in August 2005 in conformity with the Kyoto Protocol agreement to which Nigeria is a signatory. It stated that the primary aim of the programme is to link the agricultural sector with the oil and gas industry, as well as gradually reduce the nation’s dependence on imported gasoline, reduce environmental pollution as a result of consumption of wholesale fossil fuel and create a commercially viable industry that can generate sustainable domestic jobs.

Hajiya Bua Passes on The family of Bua has announced the passing of their matriarch, Hajiya Khadija Abubakar Baulatani, fondly called Hajiya Bua, who passed away on August 7, 2016 at the old age of 96. She is survived by 10 children, 83 grandchildren - among whom is

the Executive Chairman of BUA Group, Abdulsamad Rabiu, and many great grandchildren. She has since been buried according to Islamic rites. Hajiya Bua was also widely acknowledged as the inspiration behind the name of Nigerian conglomerate, BUA Group.

THANK YOU FOR THE GOOD JOB

L-R: Vanguard Publisher, Mr. Sam Amuka; Lagos State Police PRO, Dolapo Badmos; Deputy Commissioner of Police (Administration), state Police Command, Dasuki Galadanchi; Commissioner of Police, Fatai Owoseni; and Managing Director, Vanguard Newspapers, Mr. Gbenga Adefaye, during a visit by the publisher to appreciate the police for apprehending the suspects behind his attack in Lagos.... yesterday Chiemelie Ezeobi

Amuka Commends Lagos CP for Arresting Suspects behind his Ordeal Chiemelie Ezeobi Following the arrest of the two suspects behind the recent armed robbery attack and brutalisation of the Publisher of Vanguard Newspapers, Pa Sam Amuka, by the Lagos State Police Command, the publisher yesterday commended the police. While visiting the command headquarters in Ikeja, in the company of Vanguard Managing Director and Crime Editor, Mr. Gbenga Adefaye and Mr. Emma Nnadozie respectively, Amuka said the arrests had come when he had given up hope. Amuka was robbed and brutalised in his house in Lagos two months ago, a night before his scheduled trip to South Africa, and the suspects carted away valuables including money after the attack. Recently, detectives attached to

the state Police Command arrested the three Chadians in connection with the incident, who in turn confessed that they were contacted by the two security guards attached to Amuka’s residence. The suspects who were identified as Atim Abubakar, Mohammed Musa and Razaq Hassan (the driver), were picked up from different locations within the metropolis. Amuka therefore graced the CP’s office to show appreciation for the timely response of the police and the speedy tracking and arrest of the suspects. He said asides the prompt response on his case, the command under Fatai Owoseni was doing creditably well in the area of crime fighting. According to him, “I personally want to thank the Commissioner of Police, Owoseni, and his subordinates

for the good job they did over the armed robbery attack on me. “After the attack, just as we were about to givae up hope, we were told that they have nabbed all those involved in the attack. Not only that the police arrested the hoodlums, they had also arrested other criminals. The police are getting every other criminal in Lagos.” Also, Adefaye said: “On behalf of Uncle Sam, we have come to say a big thank you to the CP. We also seize this opportunity to urged Lagosians to encourage the police. I will first give glory to God Almighty for Sam’s life and for what he has been doing in the country.” In response, Owoseni, who said he was humbled by the visit, noted that he would like to thank God for Amuka’s life-for saving him from the hands of his attackers. “Within an interval of two

years, he has suffered two armed robbery attacks. ‘Uncle Sam’ has contributed in no small way to the development of journalism. He is a gift to humanity. “For the criminal elements who carried out the attack, the God Almighty has shown that he is greater than them. They were not able to get away with the evil they committed. “I also want to appreciate you sir for the kind of society we operate. We are your children. Coming here serves as a morale booster for officers and men of the Police Command. “Your coming will also be a narrative under the present leadership of the Inspector General of Police (IG) that Nigerians will live safely and carry out their daily activities. We will keep on fighting crimes with everything available at our disposal.”

T H I S D AY WEDNESDAY AUGUST 17, 2016

T H I S D AY • WEDNESDAY, AUGUST 17, 2016

COMMENT

Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com

WANTED: A NEW HEALTH MINISTER Sonnie Ekwowusi urges the minister to attend to other health needs of the people rather than on means to control the population

learly, the current Health Minister, Prof. Isaac Adewole is not the person that Nigeria needs at the moment to tackle her serious primary healthcare delivery challenges. Apart from telling Nigerian women that they have a “right” to commit abortion, Prof. Adewole has not demonstrated that he can positively transform Nigeria’s healthcare sector. Shortly after his inauguration as Nigeria’s Health Minister the first health gift which Adewole offered to Nigerian women was what he dubbed “expanded access to comprehensive abortion care”. As if that was not enough, Prof. Adewole was on Channels TV last week to market his population control gift. He wants Nigerian families to stop having children. He wants married Nigerian women to be on pregnancy- terminating pills in order to avoid having children. Prof. Adewole is obviously under the influence and sponsorship of the United Nations Populations Funds (UNFPA) and The Guttmacher Institute, two agencies which are notorious in Africa for pressuring African governments to reduce human capital through abortion and use of contraceptives. Whereas Adewole has not articulated any serious primary healthcare programme that would benefit the Nigerian poor who still lack access to the much-vaunted primary health care system, he is more inclined in venturing into irrelevant complex demographic issues. In other words, Adewole has abandoned medicine and the real health needs of the Nigerian people and now meddling with demographic issues. What a paradox! Is President Muhammadu Buhari not aware that attempts to implement population control policy by successive Nigerian governments have consistently failed? For example, when Goodluck Jonathan was in power he entrusted the then chairman of the National Population Commission (NPC) to Festus Odimegwu and 22 others with the task of controlling the Nigerian population through birth-control and all that. Chief Odimegwu said something at that time that shocked many people: he said that the NPC did not know the population of Nigeria, and that the various population figures declared in the past by the NPC and governmentowed agencies were based on distorted and fictitious figures presented by the World Bank, United Nations and other international bodies. According to Chief Odimegwu, “we do not really know our population; that is the truth of the matter. We do our work but politicians interfere and at the

GOOD LIVING IS NOT DETERMINED BY POPULATION BUT BY THE SERIOUSNESS OF GOVERNMENT TO IMPROVE THE LIVING CONDITION OF THE PEOPLE

end, you do not really know what population or census figures are….” Answering question from The Punch Newspaper during a courtesy visit to the NPC by a delegation of the UNFPA, Odimegwu said, “…the population of China is over two billion, India is 1.2 billion. Nigeria ranks about the 10th in the world population. If other countries are surviving, I don’t think we will kill ourselves...The important thing is having the resources to make people live a good life. Good living is not determined by the population but by so many other things. If some countries have large populations and are living well, Nigerians can also have good lives.” Odimegwu was right. Good living is not determined by population but by the seriousness of government to improve the living condition of the people. Certainly Prof Adewole’s new population control policy will bring a bad image to the Buhari government. Therefore, President Buhari should act fast and appoint a new health minister to replace Adewole. Prof. Adewole clearly lacks focus. What has population control got to do with the urgent health needs of the Nigerian people? If Adewole is looking for something to control, why can’t he control diseases such as malaria, typhoid, polio, high blood pressure, hypertension and so forth that have been killing many Nigerians? Look at exponential rate with which cancer, especially cervical and breast cancer, is spreading across Nigeria and killing many Nigerians. Why not set up cancer screening centres across Nigeria? Is the federal government not aware that many public health institutions in Nigeria lack essentials drugs? Why budget huge sums of money for population control when you cannot provide ordinary drugs in our public hospitals especially in our rural health centres and clinics in Nigeria? Why not use the money budgeted for population control to pay striking doctors? Last week I visited a medical consultant friend of mine at the University of Nigeria Teaching Hospital (UNTH) Enugu. In the course of our conversation, this diligent doctor informed me that primary and secondary health care systems are virtually non-existent in Nigeria. He regretted that everybody is rushing to tertiary health to the utter neglect of community medicine and basic rural medicine that are most beneficial to Nigeria’s numerous rural dwellers. He shocked me with the sad stories of the uncountable children from Enugu, Nsukka, Abakaliki and their environs who die from preventable diseases before they are brought to UNTH. Zayyad I. Muhammad, Jimeta, Adamawa State

STILL A PUZZLE TO UNRAVEL

Kassim Afegbua pays tribute to Ibrahim Babangida, former military president, at age 75

oday, August 17, 2016, marks the 75th birthday of General Ibrahim Badamasi Babangida, GCFR, the former Military President of the world’s foremost Black nation. This year’s birthday will not be marked with pomp and ceremony except that prayers will be offered and cakes will be served. For quite some time now, the former military president has been battling with pains in one of his legs following injuries he received during the Nigeria Civil War. As age is catching up with his grace, the pain is getting more palpable and the feeling becoming more agonising. This has been the rationale for the several rumoured news report of his death in the last one year. But vintage IBB, he trudges on with unequivocal stoic courage, soldiering on with life, wearing his traditional gap-tooth and looking almost unruffled with the reality of his present health condition. He tells me reassuringly; “Prince, don’t let false news about my death worry you because we all will die someday. And if your media colleagues at this point of technology cannot still crosscheck facts before they publish, let that be the albatross we all have to carry as a nation still grappling to get it right. My date with Allah is known only to Allah but I can assure you, as mere mortals, we all have to prepare every second, every minute, every hour, every day, every week, and every year to keep our date with our creator”. At 75, IBB still remains a puzzle and riddle to unravel. Even those who graciously maintain very deep and close relationship with him spanning many years, still find him a fresh chapter to read every day. His staying power is in his calmness and

elusiveness. He’s not garrulous or generous with appearance. He takes measured steps to relate with nature. As a gentleman officer, he learnt how to dominate his environment. His mastery of the nation’s environment derives from his interaction with people of diverse backgrounds, cultures and persuasions that he encountered during his active years in the military. From the North to the South, East to West, IBB’s friends and associates cut across all shades, classes, persuasions, statuses and emanations. As a highly detribalised Nigerian whose article of faith resonates in the bond of unity, he believes that this democracy should offer us a platform for appreciating our diversities and deriving inspiration to convert those diversities to building strong pillars of unity across the nation. Even when critics seldom accuse him of mortgaging the nation’s democratic future by the annulment of the June 12 election, he’s quick to point at the good lessons of the June 12 annulment, saying we all should work towards credible elections where the votes will actually count, and the two-party system that has now come to stay. “One of the gains of the June 12 election is the fact that the votes counted. We initiated the culture of one man, one vote. If the votes didn’t count in the first place, no one would be talking about June 12 annulment. So, rather than dwelling on the annulment year in year out, our electorate, electoral agencies and all concerned should take home the strong message of credible election so that we can truly have representative democracy”. That is one of the gains of the June 12 election. The name IBB conveys different meanings to different people. To a school of thought, he’s “evil” personified. They allocate to

him all the problems in the country, both real and imaginary. It got to the extent that whatever happened in the country, IBB was associated with it. If a pregnant woman had miscarriage, it was likely that she saw IBB’s shadow in her dreams. If there was power outage, it was possible that IBB might have cut off the wire. It got to a point that IBB was the issue in Nigeria’s socio-political discourse. But all that is gradually petering out. And that is the beauty of age and history. They have the tendency to provide answers to lingering questions. They have capacity to vindicate the individual and justify the reasons behind an action. Another school of thought sees IBB as kind-hearted, brave, courageous, god-fearing and patriotic. He talks about the unity and indivisibility of Nigeria with passion. He sees our strength in our diversities. He says if Nigeria could survive the carnage and trauma of the civil war, it must be for a reason. He believes that as a country with several configurations, we must create synergy from all the centripetal and centrifugal forces to strike the right political chord and keep the ship of state afloat. He doesn’t shy away from responsibilities. For a long time, he dominated the political space like a colossus that he is, calling the shots and dictating the pace of political engagements. For example, he facilitated the release of Chief Olusegun Obasanjo from prison, gave him political cleansing and enthroned him as a democratically elected president as a way to pacify the South-West over the annulment of the 1993 election. Chief Obasanjo got there and started his own political dribbling, tried effortlessly to rubbish IBB and deliberately threw up Umar Yar’Adua to contest the

2007 presidential election. Chief Obasanjo had thought that would anger IBB on account of the gentleman agreement that had existed between them. Surprisingly, IBB remained unperturbed and never betrayed any sentiment. Instead, he wrote a statesman letter to Chief Obasanjo indicating his withdrawal from the 2007 presidential race. When Chief Obasanjo thought he had undone IBB, Umar Yar’Adua saw in IBB a father-figure who guided him in taking some very useful decisions in the course of presiding over the nation. But for death that denied Nigerians the opportunity of enjoying from Umar Yar’Ardua’s reservoir of knowledge, Nigeria by now, would have attained a greater pedestal in the comity of nations. Chief Obasanjo quickly latched onto the Goodluck Jonathan presidency in order to assume the role of a father-figure. No sooner, the romance hit the deck and snowballed into almost irreconcilable differences that led to OBJ’s eventual exit from the PDP. IBB again, became the head of the corner. His house became a Mecca of some sort, during the 2015 electoral process. IBB is not flippant with visit to the Aso Presidential Villa which he built when he was military president. He tells you almost dismissively, “the president of the country is usually a busy man. Instead of adding my worries to that of his, since he has so many things to attend to, I will rather place a phone call to him to pass across my advice from time to time”. That has been his style and the reason why he doesn’t visit Aso Villa like other former presidents. Happy birthday to the leaders’ leader. Prince Afegbua is the Commissioner for information and orientation, Edo State

T H I S D AY • WEDNESDAY, AUGUST 17, 2016

EDITORIAL TIME FOR ACTION ON THE PIB

The country needs the petroleum industry act for better management of the oil and gas sector of the economy

ven with all the anticipated positive impact of the Petroleum Industry Bill (PIB) on the oil and gas sector of the economy, it has remained mired in inexplicable stalemate, unable to find its way back to the legislature from the executive to which it was returned in 2014. In contrast, Ghana last week passed the Petroleum Production and Exploration Bill into law to replace the Petroleum (Exploration and Production) Act, 1984, an indication of the seriousness the country attaches to it. First introduced in December, 2008 by the late President Musa Umaru Yar’Adua to the sixth National Assembly, the PIB aims to re-position the oil and gas industry for greater efficiency, openness and competition. Designed to strengthen the capacity of indigenous Nigerian companies so they can compete with international oil companies in the search for, and acquisition of, hydrocarbons, the legislation also proposes to reduce exploitation in the sector and limit, to the barest minimum, government exposure to oil and gas production through joint venture operations. THE PIB AIMS TO REHowever, the POSITION THE OIL AND bill has never been GAS INDUSTRY FOR well received by the GREATER EFFICIENCY, IOCs operating in OPENNESS AND Nigeria most of whose COMPETITION officials fear that some provisions therein may be inimical to their investment interests. There were other contentious issues of environmental concerns and community rights that stakeholders have also bickered over, necessitating a review and its withdrawal in 2011. The dusts of controversy had not settled when President Goodluck Jonathan reintroduced the bill in 2012 and several attempts to revise it in order to arrive at a consensus led to its proliferation. With many versions of the proposed legislation in circulation, the seventh National Assembly

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UNDERSTANDING BUHARI’S ECONOMICS Countries that rely heavily on oil and have not saved enough money for the ‘rainy days’ are today facing serious economic challenges. Nigeria is one of them. These challenges are peculiar and require some painful and creative off-the-shelf measures. President Muhammadu Buhari’s economic management system involves the application of the already known economic variables and some off-the-shelf approaches that are centered on what the masses understand most - money in their pockets and food on their tables. Looking at the composition of the Buhari Economic Management Team (EMT) headed by Vice President Professor Yemi Osinbajo one will see a shift from how the previous economic teams were composed. The Buhari economic management team does not only have a weekly meeting but consults with experts from various fields of knowledge and also seeks diverse opinion from the ordinary people. Speaking at the recent EMT meeting, Prof. Osinbajo said: “We will continue to engage with experts and other stakeholders so we can measure progress of the economic policies that have been put in place. The challenges are many but the opportunities are much greater, we are clearly on the path to building an economy that will create jobs and ensure inclusive growth.” President Buhari’s approach to Nigeria’s current economic challenges is designed not only to achieve revival and diversification of the economy but also

stood it down in 2014 and requested the executive to produce a fresh bill for its consideration. Hopes that the advent of a new government would bring a sense of urgency to the review, presentation and passage of the all important piece of legislation would appear to be evaporating. More than a year after ascending power, the Buhari administration does not seem to have a grip on the way forward, forcing the Speaker of the House of Representatives, Hon. Yakubu Dogara, to lash out at the executive recently, saying that the legislature would no longer wait for the presidency to send it a fresh version of the bill for deliberation and passage. According to Dogara, the National Assembly would go ahead to consider and pass the existing version of the bill in its possession. “I have at least three different occasions publicly requested the executive to as a matter of urgency send an executive bill on its intended reforms in the petroleum sector. We had hoped to avoid the situation in the past two assemblies (sixth and seventh) where the PIB was sent to the National Assembly very late thereby guaranteeing failure to pass the bill,” he said. While the executive deterred, the uncertainties created by the stalemate has confused investors and weakened their confidence, leading to massive divestment in the sector. This situation could only worsen with the restiveness in the Niger Delta region, where militants are up in arms against several years of environmental degradation and chronic underdevelopment. Yet investors now have alternative destinations in new emerging sub-Sahara oil states of Ghana, Angola, Sao-Tome and Principe. For this reason, we could not agree less with Dogara and support his proposition, which appears to be in tandem with the position of the President of the Senate, Dr. Bukola Saraki, who had proposed that the bill be broken down into sectors to make it more manageable for consideration and passage. Vice President Yemi Osinbajo has also been similarly inclined in recent pronouncements. If the executive persists in delaying the bill, the legislature should proceed with what it has.

create productive jobs to replace menial jobs and develop skills for many young Nigerians. Noteworthy in this regard is the recently launched ‘N-Power’ programme, which will create not just thousands of jobs but productive and sustainable ones. It will help young Nigerians to acquire and develop life-long skills and acquire the right tools and equipment for their businesses. For instance, mechanics will have modern workshops with jumpers and chargers, tire care, pressurised air and hand tools. Welders will have solar and wind powered welding machines; fashion designers will have smart workshops, etc. N-power will also facilitate the establishment of inventions and innovation centres for computer scientists, operation researchers, architects, engineers, lawyers, etc., to form hubs for startups. Furthermore, it is heartwarming to note that one of the most important strategies of the Buhari government to tackle unemployment is through agricultural entrepreneurship programme for youths. Enthusiasts of agro-entrepreneurship are suggesting that the government should go into partnership with private sector to establish poultry, fisheries, dairy, snail farms, plantations, etc., in various locations across the country. The pilot phase should start with youth corpers/graduates. They should be trained-on-thejob on how to manage the farms. After intensive training, the farms should be transferred to them for management as entrepreneurs. Zayyad I. Muhammad, Jimeta, Adamawa State

FAREWELL, OJO UMA MADUEKWE Before I proceed with this tribute, let me take two readings from the Holy Bible in honour of your very distinguished soul. “There is an appointed time for everything. And there is a time for every event under heaven ~ A time to give birth, and a time to die; A time to plant, and a time to uproot what is planted. A time to kill, and a time to heal; A time to tear down, and a time to build up. A time to weep, and a time to laugh; A time to mourn, and a time to dance.”Ecclesiastics 3:1-4 “I “you” have fought the good fight, I “you” have finished the race, I “you” have kept the faith” -2 Timothy 4:7 Mekaria, you were so meek and kind, you were so powerful yet very humble,you were so affable and intelligent,you were so articulate,you were different thing to different people.Mekaria you were a quintessential statesman par excellence,an erudite lawyer,a consummate and renowned politician, a distinguished public servant and diplomat, a good Christian and ruling elder of the Presbyterian Church, a great mobiliser, philosopher,

philanthropist and a great idealist.Words won’t be enough to pay glowing tribute to you; to say the least, you remain a great man in words and deeds: you served our country with your heart and might; your unblemished records in public service will forever remain a reference point for up coming public servants; you wore the toga of honesty and selflessness with pride; your footprints in the sands of time will forever remain indelible; you’ve made your mark; your work is done and I know you will surely find a peaceful rest in the side of your creator.I weep not again, because I’m consoled with the fact that your legacies will live forever. History will not forget you. As your mortal soul is being laid to rest this weekend in your earthly home Asaga, Ohafia, Abia State, I assure you that we your “children” won’t jettison your most cherished philosophy “The Mekaria philosophy of continuous excellence”. At this point, permit me to quote Ted Kennedy’s immortal words: “The work goes on, the cause endures, the hope still lives and the dream shall never die”. Mekaria, it is well with your soul. Farewell your excellency, May the life you’ve lived speak for you and may your path be eternally blessed. Thank you for everything! Efa-Iwa Egbe, rexegbe1@gmail.com

WEDNESDAY AUGUST 17, 2016 T H I S D AY

T H I S D AY WEDNESDAY AUGUST 17, 2016

T H I S D AY • WEDNESDAY, AUGUST 17, 2016

MIDWEEKPOLITICS

Group Politics Editor Olawale Olaleye Email wale.olaleye@thisdaylive.com 08116759819 SMS ONLY

THE NEWSMAKER

At 75, IBB is Still a Recurring Decimal

As he turns 75 today, former military president, General Ibrahim Gbadamosi Bababngida is still an issue in the annals of the nation’s body polity, writes Shola Oyeyipo

ate or like him, former military president, General Ibrahim Gbadamosi Babangida remains an issue in the nation’s body polity. Particularly because of his role in the political evolution of the country, IBB, as he has come to be known, is not just a household name, he has continued to be a critical factor, either in the failings or the promises of the nation. Born August 17, 1941, IBB, as he is better known, rose through the ranks before retiring as Nigerian Army General. He ruled Nigeria from August 27, 1985, when he overthrew the Major General Muhammadu Buhari military government in a coup. He “stepped aside” from office on August 26, 1993, after the agitations that trailed his annulment of the proverbial 12 June 1993, presidential election presumed as the freest and fairest election and purported to have been won by the late MKO Abiola that year. With this profile and some other roles he had played, Babangida has remained a dominant force in the Nigerian political landscape. He participated in most of the military coups in Nigeria; the July 1966, February 1976, December 1983, August 1985, December 1985 and April 1990 coups. Most popular in his military coup involvement was when he, as a Lieutenant with the First Reconnaissance Squadron in Kaduna, joined many officers of Northern Nigerian origin to stage what became known as the Nigerian counter-coup of 1966, which led to the death of Nigeria’s first military head of state, General Aguiyi Ironsi, who took over power in a coup de ta earlier that year. He would be remembered for some of his economic policies such as the austerity measures suggested by the International Monetary Fund (IMF) and the World Bank, his Structural Adjustment Program (SAP) in 1986, which entailed the deregulation of the agricultural sector by abolishing marketing boards and the elimination of price controls, the privatisation of public enterprises, the devaluation of the Naira to allow competitiveness in the export sector, and the relaxation of restraints on foreign investment put in place by the Gowon and the Obasanjo governments in the 1970s. When the policies were implemented between 1986 and 1988, as suggested by the IMF, the Nigerian economy grew, with the export sector performing especially well, but the falling real wages in the public sector and amongst the urban classes, along with a drastic reduction in expenditure on public services, set off waves of rioting and other manifestations of discontent that made commitment to SAP difficult to maintain. Babangida therefore returned to an inflationary economic policy and partly reversed the deregulatory initiatives he had set in motion during SAP following mounting pressure, and economic growth slowed correspondingly, as capital flight resumed apace under the influence of negative real interest rates. Though he was a military leader, he operated a hugely consultative government. His government was not a one-man show. Issues were subjected to public debate and did not feign to know it all. For instance, in setting up a 17-man ‘Political Bureau’ in January 1986, Babangida kicked off what was intended to be a national debate on the political way forward for Nigeria. The Politburo ‘majority report’ appeared to have been completed whilst consultations were ongoing nationwide. Curious still, the manipulation of what would be revealed as a “minority report” made it to being the majority report. Significantly, a member of the Politburo issued a separate report, now popularly referred to as the “minority report”. All the members of the Politburo were promised some involvement in managing the execution of the programmes suggested, and only four did not benefit after the

Though he was a military leader, he operated a hugely consultative government. His government was not a one-man show. Issues were subjected to public debate and did not feign to know it all. For instance, in setting up a 17-man ‘Political Bureau’ in January 1986, Babangida kicked off what was intended to be a national debate on the political way forward for Nigeria

IBB...75 and still relevant

report was issued. This methodology is consistent with Babangida’s patron-client political style. The style of the former military ruler was succinctly captured in an extensive research by Kunle Amuwo of the Department of Political Science, University of Ibadan, titled: ‘General Babangida, Civil Society and the Military in Nigeria - Anatomy of a Personal Rulership Project, where he classed his government system as ‘military oligarchy’, with elements such as “lack of concentration of power exclusively in the hands of the personal leader; collective decision-making by soldier-rulers and civilian technocrats and advisers, and an initial openness that permits debates as well as the use of objective yardsticks in policy evaluation.” Babangida announced that he would run for president in the 2007 presidential elections. On November 8, 2006, he picked a nomination of interest form from the Peoples Democratic Party (PDP) headquarters in Abuja, which put paid to speculations about his ambitions to run for the presidency. His form was personally issued to him by the PDP chairman, Ahmadu Ali. This action immediately drew extreme reactions of support and or opposition from the western population of the country. In early December, just before the PDP presidential primary, it was widely reported that IBB had withdrawn his candidacy to be PDP’s nominee to run for president. Though IBB cited “moral dilemma” of running against the late President Umaru Musa Yar’Adua, the younger brother of the late Shehu Yar’Adua, who was nominated to run for presidency during IBB’s military regime, as well as against General Aliyu Mohammed Gusau, given IBB’s close relationship with the two, truth was that his chance of winning was less than average. One of the major problems against IBB’s political ambition has been his decision to annul the June 12 presidential election. His quest to rule Nigeria under a democratic dispensation continued till 2011, when on April 12, 2010, his spokesman announced that he would be seeking the PDP ticket for the presidency. He went on to launch his official campaign website on August 9, 2010, to provide a platform for interaction between him and the people but following the arrest and interrogation of the Director General of the Babangida Campaign Organisation, Raymond Dokpesi, in the wake of a bomb attack in Abuja during Nigeria’s 50th

anniversary celebrations, there were calls for him to quit the race. Eventually, his 2011 ambition did not see the light of the day. Though there were attempts to link his affiliates to the blasts, his position was that it was “idiotic” to link him with the attack even before the blasts, some of his former loyalists, popularly called “IBB Boys,” apparently asked him to quit the presidential race to avoid being rubbished by a non-general. He eventually opted out of partisan politics in November 2015, when he turned down the invitation extended to him by the PDP to attend its rebranding conference scheduled for November 12 of that year. Babangida, who had been a founding member of the party, in a statement personally signed by him, said though as a founding member of the party he would have loved to be a part of the repositioning of the PDP after its dismal outing in the last general election, he had since retired from politics. Part of the statement read: “I wish to make some clarifications concerning the invitation extended to me on the scheduled PDP Rebranding Conference slated for Thursday, November 12, 2015, aimed at repositioning the party after its poor outing at the last elections. While I welcome the invitation to the event as a mark of respect as one of the founding fathers, I want to be excused on the grounds that I have long bid bye to partisan politics. “Four years ago at an elaborate event at the Transcorp Hilton Hotels, Abuja, I announced my retirement from partisan politics after my failed attempt to contest for president and having attained the gracious age of 70, in a society where life expectancy stands at a ridiculous 47 years. In appreciating what Allah has done for me in life, seeing me through many challenges, stabilising me during periods of tribulations, and safeguarding me through the thick and thin of political risks, I did state at that event that journalists would not push me around again. “Attaining the age of 70 in 2011 was to me a great accomplishment for which I remain eternally grateful to Almighty Allah and my family, who have shown tremendous support and encouragement throughout my political trajectory. Since 2011 till date, I have been playing my role as an elder statesman and ‘consultant-in-chief’ to political office seekers and other like-minds who want my input in their aspirations.” Babangida holds a number of enviable awards,

which include Grand Commander of the Federal Republic of Nigeria (GCFR); Defence Service Medal (DSM); the National Service Medal (NSM); the Royal Service Medal (RSM); the Forces Services Star (FSS); General Service Medal (GSM) and in May 1989, Queen Elizabeth II of Britain conferred him with the Knight Grand Cross of the Bath (GCB). What would seem as an albatross on his neck is the annulment of the June 12 election and he has tendered an apology for the action, even though he had opted to keep sealed lips over those actually behind the decision. But the general belief is that he did not take the decision alone. A former Oyo State deputy governor, Hazeem Gbolarumi, who led the Babaginda campaign group in 2010, apologised to Nigerians on behalf of the former military president, over the annulment of the June 12 presidential elections among other things. Gbolarumi said Nigerians must forgive the perceived sins of Babandgida, if they wanted the nation to move forward. He listed the alleged sins of IBB to include the death of Dele Giwa, Structural Adjustment Programme (SAP), failure to appear before the Oputa Panel, and the annulment of the June 12, 1993, presidential elections, believed to have been won by the late MKO Abiola. Quoting from a bible verse, which says “blessed is the man whose sins are forgiven”, Gbolarumi said Nigerians should learn to forgive the former military president. There have been rumours of his death lately but more recently, the rumour went viral that he lost the battle after a corrective surgery as a result of radiculopathy diseases. He however debunked the story from Germany, promising to return to Nigeria and has since returned to the country. Babangida may come across to some as manipulative, so many others, particularly those close to him, he is charismatic. Personal aides and political advisers tell tales about his legendary goodness and kindness to his entourage and friends. He is a jolly good fellow. Both in the barracks and in the presidency, he was reputed not only to have a smile for everybody, but, more importantly, was magnanimous and generous in assisting the ordinary soldiers and junior officers, which won him huge administration in his chosen career. For many of his ministers and advisers, their relationship was mostly on first-name basis. He showed harmless persona and to the journalists, he reads every article about him and smiles, irrespective of how the author choses to portray his personality. At any rate, IBB has come to occupy a relevant space in Nigeria’s political history and for a long time to come.

T H I S D AY • WEDNESDAY, AUGUST 10, 2016

UPDATE&TRENDING

MIDWEEKPOLITICS

L-R: National Chairman of APC, Chief John Odigie-Oyegun, President Muhammadu Buhari and a national leader of the APC, Bola Tinubu

Fear of Imposition Unsettles Ondo APC An uneasy calm presently pervades the Ondo State chapter of the All Progressives Congress over the choice of its governorship candidate, writes Femi Ogbonnikan

t is no news that Ondo State seeks the hands of a new steward to tend its herculean affairs for the next four years, as the incumbent, Olusegun Mimiko prepares to leave office. Yet, a logical and discerning mind must not only listen to the news of this engagement proposals of aspiring steward on the social media network, but a critical questioning of what would become of her, if she is betrothed by the wrong hands. Hence, questions like: where do people go from here enlightens the mind of a politically conscious person on what to think of and do? Perhaps, this question, where to go from here, will confound the mind of the people of Ondo state, to allow them demystify the intended meaning. From time immemorial, certain questions have always been the crux of any major paradigm shift, from one era to another, when a former experience exudes errors and horrors or a not-too-likeable memory, which explains the disdain for the soonto-go administration, which on its final lap, has the citizenry of the state, alleging maladministration, especially financial castration, a picturesque of people living from hand to mouth, even when they are gainfully employed by the structures of the government.

The emergence of the All Progressives Congress (APC) has brought a paradigm

Interestingly, the battle for Ondo’s hands in marriage by the many prospective aspirants, not only strikes critical thoughts, as it has never been this keenly contested for, it parades the picture of so many suitors – the good, the bad and the ugly – seeking the consent of a rare gem in marriage. Little wonder, that the bride is called ‘a place of pride’. However, the issue with this historical proposal is the presence of spent forces in the marriage

shift from what governance used to be in the days of the PDP and what it is now. The fight against corruption, among other mantra of the party speaks volume, as it touches the image of the party. Yet, the culture of handpicking candidates by political warlords within the party has not only extinguished the passion and sympathy of younger people with brilliant ideas to contest under the umbrella of the party, it is chasing away prospective progressives with potential. It must, however, be noted that the APC of late conducted primaries, but stealthily handpicked its standard bearer into various elective offices. This issue is already manifesting in the Ondo State PDP over the insinuation that Governor Olusegun Mimiko has anointed his former Attorney General and Commissioner for Justice, Mr. Eyitayo Jegede, SAN, as the party’s gubernatorial candidate. To demonstrate their annoyance, a businessman, Mr Jimoh Ibrahim, and two former Commissioners in Mimiko’s cabinet, Chief Sola Ebiseni (Environment) and Mr Bamiduro Dada (Local Government and Chieftaincy Affairs, who recently resigned their appointments, and obtained the governorship nomination forms, thus, cashing in, on the rumbling in the party and other complaints

by aspirants, that Mimiko had anointed the former Attorney General and Commissioner for Justice, as the party’s candidate. Interestingly, the battle for Ondo’s hands in marriage by the many prospective aspirants, not only strikes critical thoughts, as it has never been this keenly contested for, it parades the picture of so many suitors – the good, the bad and the ugly – seeking the consent of a rare gem in marriage. Little wonder, that the bride is called ‘a place of pride’. However, the issue with this historical proposal is the presence of spent forces in the marriage. Whereas nobody nurses the notion of zoning, the idea of ejecting the best aspirant for the number one position of Ondo State, a critical look at the personality, pedigree, clout, temperament, educational qualifications and passion of some of these aspirants would not only answer the puzzles, but quiz the people’s minds on where to go or navigate through the thoughts of the most competent. Youths are the leaders of tomorrow, as the saying goes, it is unproductive to continue to recycle the old order politicians. One thing is crystal clear though, the bulk of the youths, who are the starters of the new order – change – are the promoters of the mantra, which all and sundry have been clamouring and yearning for.

WEDNESDAY, AUGUST 17, 2016, • T H I S D AY

FEATURES

Acting Features Editor Charles Ajunwa Email charles.ajunwa@thisdaylive.com

Ebonyi, Home of Rice

Benjamin Nworie writes that Ebonyi State has for years enjoyed the bragging rights of being called the home of local rice production in Nigeria

The Abakaliki rice

bonyi State is one of the most agrarian of the states in Nigeria. Made up predominantly of farmers, with savanna and semi tropical vegetation, humid, sandy and marshy soil, the state is blessed with moisture land for growing of varieties of cash and food crops, such as rice, yam, cassava, cocoyam. Among the agricultural potential, the production of the famous Abakaliki rice has made the state so popular and a beehive of commercial hub. No visitor comes to Abakaliki, the state capital, without testifying the high quality of Abakaliki rice compared with other rice produced locally and internationally. The Abakaliki rice is blessed with so many nutritional values, which is gotten from the salinity in the land of Abakaliki rice mill. It is even better and graded higher by those that know its nutritional values. Apart from its nutritional value, the Abakaliki rice is naturally salted withgood taste. The reputation of Abakaliki rice is derived from its superior taste. Rice production no doubt has created jobs from which a lot of people feed their families. There are a lot of jobs people do in Abakaliki Rice Mill Industry including technical/professional and unprofessional/ causal works, as well as others who sell their wares in the area. Before and after Ebonyi State was created in 1996, agriculture hadremained the mainstay of the daily living and earnings of its people. The Abakliki Rice Mill as it is popularly called is adjudged to be thefirst indigenous company since the creation of the state in 1996. During the creation of the state, at least Abakaliki Rice MillIndustry is equally the only existing industry in the state. The company started as Abakaliki Rice Mill

in 1967 on No. 60-65 Gunning Road Abakaliki. The first milling engine procured for milling of Abakaliki rice was bought by one Mr. Anekwe Bestman. The relocation of the mill to its present site was done under one Hon. P. O. Nwike, who was then the Executive Chairman, Abakaliki Local Government Area in the then Anambra State. Signatories to the statement include the Chairman, Joseph Ununu; Administrative Secretary, Nwede Richard; Secretary, Usulo Emmanuel and Fidelis Igwe. However, on November 15, 1977, the land used for the construction of the rice mill was leased by the Abakaliki Local Council to Rice Mill Association Abakaliki, for 99 years upon payment of valuable consideration.

Apart from its nutritional value, the Abakaliki rice is naturally salted with good taste. The reputation of Abakaliki rice is derived from its superior taste. Rice production no doubt has created jobs from which a lot of people feed their families

In September, 1989, the Rice Mill Association Abakaliki was registered as a company with the incorporation name – Rice Mill Company Nig. Ltd with registration number RC. 136,800. But on January 1, 2000, customary right of occupancy with respect to the entire area of land measuring 1938.464 square metres occupied by the company was issued by the Government of Ebonyi State. Inside the rice mill established in 1957 lies an expanse of landmeasuring 1938.464 square metres, various workers abound – machine operators, dust carriers, bag stickers, off loaders, barrow pushers, on-loaders, accountants, water suppliers, security men and a host of others. Chief Sunday Oketa, said he started the rice mill business at the age18. As a child, Oketa recalled he joined the industry as a “dust carrier” and later trained for one year and six months as a machine operator. “My father was alive then and he was one of the founders of the rice mill,” he said, adding that the entire family members weretrained properly in farming. “Early in 1971, we sold a bushel of rice at 10 Naira here and by then there was nothing like foreign rice. All Ebonyi people were farmers; we never knew any other handwork except farming. And when you come here, you see enough rice, food stuff such as cassava, yam and that’s why we name Ebonyi State, the Food Basket of the Nation,” Oketa told. He remembered that way back in the 1980s; people from as far as Lagos, Benin, Port Harcourt usually come to buy Abakaliki rice. “In those days, 15 trailer load of the commodity, 50 to 60 Mercedes Benz 911 lorries, aside other small vehicles such as pick-up vans leave theevery day,” Oketa said, adding that the importation of foreignrice into Nigeria

“is killing business here.” Indeed, many are familiar with the popular Abakaliki rice which is believed to have a higher nutritional value than the imported polished and parboiled rice, and possibly the best in the world as certified by American experts. The rice is parboiled locally and processed by thesmall scale milling machines. A notable rice farmer and Commissioner for Information and state Orientation, Dr. Emmanuel Onwe noted that more than 80 per cent of Abakaliki rice is grown organically because the soil in vast swathe of areas in the state is so fertile that the need for chemicallybased fertiliser does not exist and it's now government policy to prioritise agriculture in absolute terms, and ensuring that everything else yields way to this policy. Onwe noted that the drive and target of the Umahi’s administration was to produce and supply 10 per cent of the over six million metric tons of rice consumed in Nigeria annually. “The administration borrowed N2 billion to invest in encouraging farmers, public and civil servants as well as the youth and women to undertake farming of a number of crops but especially rice very seriously. The injection of agro inputs and equipment such as seeds, herbicides, fertilizer, tractors, plus the necessary mechanical implements have enabled our citizens to put additional 20,000 hectares of land into rice cultivation this season,” he said. The rice milling machines were situated in such a way that it formed a cluster and people from far and near bring their rice produce there for milling. Most times, the centre is also a market where people buy or sell rice. Virtually in all communities and local council areas, milling machines are situated with commercial activities, especially for

WEDNESDAY, AUGUST 17, 2016, • T H I S D AY

FEATURES

residents outside the capital city that may find it difficult to access the Abakaliki Rice Mill. This large cluster of rice milling industry is owned and managed by private individuals and cooperative societies who have their milling machines, while government only collects royalties/levies from them. Usually, people come from far and near to the mill to buy or sell rice on a daily basis. People from the north including neighbouring states such as Enugu,Imo, Abia and Anambra always come to buy rice in Abakaliki in very large quantities. The reason for the high patronage is not only thatAbakaliki rice has been identified to have a unique taste when compared to foreign rice and other kinds of rice being patronised by people, it is cheap and affordable. The price defers depending on the quality of the rice and specie. Currently, due to the ban on importation of foreign rice, the cost of a bushel of rice is sold for N10,000 and above, depending on thequality, as against N4,000 a year ago. But the continued production of Abakaliki rice became endangered in the past administration of former Governor Martin Elechi, due to the face-off between the Abakaliki Rice Mill Company and Ebonyi State Government on the planned relocation of the rice mill to the three rice clusters in each of the senatorial zones of the state. The chairman of Abakaliki Rice Mill, Mr. Joseph Ununu noted that the policy of relocation of the rice mill and its attendant cases of threats and intimidation have brought untold hardship to them and the trauma precipitated the untimely death of 15 rice millers as a result of heart failure. One of the patrons, Chief Chukwuka Okonwko, slumped and died shortly after hearing the news of the relocation. Mr. Elias Nwogu, 40, a father of six, said he has trained some of his children in both secondary and university from the proceeds of the rice business which he has been engaged in since the age of 15. Okonkwo said he wanted to sell his milling engine, but nobody indicated interest to buy it and that was how the man died. The engine was estimated at N1.6 million, but nobody could buy it even at N300,000 and that broke his heart; because the rice mill is moving out and everybody is afraid,” he said. Mr. Augustine Obasi, father of four kids is one of the workers at the rice mill and hails from Ezza North local Government Area of the state. Born in the mid-1970s, he said he joined the rice business in 1991 but lamented the government decision to move them. For Mrs. Eucharia Ogwutor, she said since joining the business in 1989 she has been buying from the farmers to do the final processing. “Ikwo Village is very far from here. No buyer would like to carry his money and go to such a distant place to buy. If Governor Elechi relocates the rice mill from here, people should just forget about the Abakaliki rice,” she said. However, respite came with the emergence of Engr. David Umahi, as the governor of Ebonyi State. With the dwindling oil revenue, the present administration has reemphasised the need to revert to agriculture which was

People from the north including neighbouring states such as Enugu, Imo, Abia and Anambra always come to buy rice in Abakaliki in very large quantities. The reason for the high patronage is not only that Abakaliki rice has been identified to have a unique taste when compared to foreign rice and other kinds of rice being patronised by people, it is cheap and affordable

New rice cluster in Ikwo

Packaged Abakaliki rice

Planted Abakaliki rice

the mainstay of the Nigeria economy before the discovery of oil. In line with his vision for agricultural revolution in the state,Umahi has procured 40 tractors for rice production. The Ebonyi State Government has earmarked 40,500 hectares

of land for rice cultivation this farming season spread across the 13 council areas in the state. Each of the LGAs has 2,500 hectares mapped for the rice production while IFAD has six thousand hectares and FADAMA, 2,000 hectares. This feat if actualised would boost food

security in the state. Already, all public servants have been directed to go into farming. Public primary and secondary schools and teachers have alsobeen directed to have farms as basis for promotion.

IMAGES

WEDNESDAY, AUGUST 17, 2016, • T H I S D AY

Photo Editor Abiodun Ajala Email abiodun.ajala@thisdaylive.com

L-R: Prelate/Moderator of General Assembly of Presbyterian Church of Nigeria, Prof. Emele Mba Uka; VicePresident Yemi Osibanjo; and Abia State Governor, Dr. Okezie Ikpeazu, during the 22nd General Assembly of Presbyterian Church of Nigeria at Yaba Parish in Lagos...recently

L-R: President, All Africa Music Award (AFRIMA), Mr. Mike Dada; member, African Union Commission (AUC), Yvette Ugandu; Lagos State Commissioner for Information and Strategy, Mr. Steve Ayorinde; and musician, Innocent Idibia, at the unveiling of All Africa Music Award (AFRIMA), in Lagos...recently sunday adigun

L-R: General Manager, Enterprise Sales, MTN Nigeria/Guest Speaker, Mr. Adekunle Adebiyi; Director, Nigeria-South Africa Chamber of Commerce, Mr. Osayaba Giwa-Osagie; and the South African Ambassador to Nigeria, Mr. Lulu Louis Mnguni, during the chamber and MTN-sponsored breakfast forum, in Lagos... recently kola olasupo

L-R: Kwara State Governor, Dr. Abdulfatah Ahmed, Majority Leader, Nigerian Youth Parliament,(Benue South Senatorial Zone), Obaude Gideon and Deputy Majority Leader, Nigerian Youth Parliament, (Kogi Central Senatorial Zone),Umar Etudaye during presentation of Certificate of Credence to the Governor by North Central Caucus of the Parliament at Government House, Ilorin…..recently

Managing Director/CEO, Fidelity Pension Managers Limited, Amaka Andy-Azike (left), and the company’s Chairman, Chief Christopher Ezeh, displaying the plaque of the World Finance Award for Best Pension Provider in Nigeria, 2016, in Lagos...recently

CEO of Job-Link, Mary Dinah (left) and a hotelier, Nishita DevAnand, unveiling Nigeria’s globally recognised hotel ratings guide at Job-Link head office in Lagos... recently

L-R: General Manager, Multichoice Nigeria, Mr. Martin Mabutho; former player, Liverpool FC, John Bernes; General Manager, Super Sports, West Africa, Mr. Felix Awogu; and Marketing Manager, Guinness Nigeria Plc, Mr. Uche Onwudiwe, during the opening of DStv and Guinness live Premiership new football season show, in Lagos...recently

MD/CEO, Medview Airline, Alhaji Muneer Bankole (left), and Chairman, Nigeria Union of Journalists (NUJ), Lagos Chapter, Mr. Deji Elumoye, when the union’s Exco members visited the Medview Airline, in preparation of the 2016 Lagos NUJ/Medview Games in Lagos...recently

WEDNESDAY, AUGUST 17, 2016, • T H I S D AY

Group Business Editor Chika Amanze-Nwachuku Email chika.amanzenwachukwu@thisdaylive.com 08057161321, 08033294157

BUSINESSWORLD NIBOR OVERNIGHT 1-MONTH

R A T E S

A S

NIBOR

20.50% 17.6724%

3-MONTH 6-MONTH

19.1728% 21.6787%

A T

NITTY 1-MONTH 2-MONTH 3-MONTH

A U G U S T 113.24% 15.3016% 16.4276%

6-MONTH 9-MONTH 12-MONTH

1 2 ,

2 0 1 6

19.5136% 20.8107% 24.6703%

EXCHANGE RATE N318.91//1US DOLLAR* *AS AT LAST FRIDAY

Quick Takes Kedari Capital Gets New CEO, ED

Kedari Capital, an investment banking firm focused on the financial markets, investment services, risk consulting and management has announced the appointment of its new Group Chief Executive Officer, Mrs. Ife Elizabeth Fashola. Ife, who joined Kedari Capital in 2008 as the Head of Legal and Corporate Services, is also a director at First Atlantic Asset Management Limited, Ghana. Having worked for several years in the UK with organisations such as the former Financial Services Authority and Lehman Brothers, she has a reputation for effective management, team-building, and a strong academic background, with complementary experience in the financial services sector. Commenting on the appointment, the outgoing CEO, Mr Odun Odunfa stated: “We are delighted to welcome Mrs Fashola as our new Group CEO. She brings with her substantial international experience in the financial services sector, which will help strengthen service delivery to our clients.” Working closely with her will be the newly appointed Executive Director, Mr. Muyiwa Oshin, who was the Head of the Corporate Finance and Advisory Unit at Kedari Capital. Muyiwa who has over two decades’ transaction experience in investment banking and the capital markets, is also a director at First Atlantic Brokers Limited, Ghana.

STRATEGISING FOR PEACEFUL RETIREMENT

L-R: Director General, Lagos State Pension Commission, Mrs. Folashade Onanuga; Managing Director/CEO, CrusaderSterling Pensions Ltd, Mr. Adeniyi Falade; Executive Director, Operations, CrusaderSterling Pensions Ltd, Mr. Conrad Ifode; Zonal Head, National Pension Commission South-West Zonal Office, Mr. Babatunde Philips and Mr. Sola Adeosun of National Pension Commission South-West Zonal office, at the CrusaderSterling Pensions Ltd Retirees’ Forum held at Sheraton Hotel Lagos… recently

External Reserves Down as CBN Settles Matured Obligations Obinna Chima Nigeria’s external reserves diminished to $25.860 billion as at August 12, 2016, following the settlement of matured obligation by the Central Bank of Nigeria (CBN). The latest external reserves position revealed by the CBN showed that the reserves derived mostly from the proceeds of crude oil sales fell by 1.9 per cent or N514 million in the last one month, compared with the $26.374 billion it was as at July 12, 2016. Following the lifting of the peg on the naira on June 20, the central bank conducted a Special Secondary Market Intervention Sales (SMIS) to clear the backlog of $4.02 billion pent-up demand for forex.

ECONOMY According to the CBN, it sold $532 million on the spot market and $3.487billion in the forwards market. A breakdown of the $3.487 billion forward sales by the central bank had shown that $697 billion was for one month (1M), $1.22 billion for two months (2M) and $1.57 billion for three months (3M). Also last month, the central bank settled onemonth forward contracts of $697 million. The naira, which closed at N317.34 to the dollar on the interbank forex market on Monday has been under pressure in the forex market as complaints of scarcity of the greenback persist. The central bank ditched

its 16-month old peg on the naira in June and introduced a flexible exchange rate regime to allow the currency to trade freely on the interbank market. But as a result of forex scarcity in the system which had resulted to the strong volatility observed in the forex market, the banking sector intervened last week in its bid to achieve exchange rate stability. Oil prices rose on Monday to their highest in nearly a month as speculation intensified about potential producer action to support prices in an oversupplied market. Brent crude was up $1.19, or 2.5 per cent, at $48.16 per barrel. The international benchmark futures are up about 13 per cent above the last close in July. Crude oil prices recorded

nearly 20 per cent climb in April to about $46 per barrel. OPEC crude-oil production surged by 484,000 barrels to 33.217 million a day in April, according to a Bloomberg survey. THISDAY had reported that the external reserves were expected to decline further due to the settlement of large swap positions between the banks and the CBN. The federal government last week said it had saved about N1.4 trillion that would have been paid as subsidy to oil marketers as a result of the successful deregulation of the downstream oil and gas sector a few months ago. Vice-President, Prof. Yemi Continued on page 24

Market Operators Lobby to Benefit from Proposed MTN Listing Goddy Egene

CAPITAL MARKET

As the Securities and Exchange Commission (SEC) awaits the formal application of the MTN Group to list its shares on the Nigerian Stock Exchange (NSE), THISDAY checks have revealed that some local stockroking firms have started lobbying to be part of the offer. The Africa’s biggest mobilephone operator had agreed to list its shares in Nigeria as part of a deal to pay a N330 billion ($1 billion) fine in cash to the Nigerian government for missing a deadline to disconnect unregistered subscribers. Preparatory to the listing, MTN last month announced the

appointment of Stanbic IBTC Capital Limited (together with its affiliates, The Standard Bank of South Africa Limited and Standard Advisory London Limited) and Citigroup Global Markets Limited as its Joint Transaction Advisors and Joint Global Coordinators with Stanbic acting as Lead Issuing House. Although SEC said last week it was yet to receive the formal application from MTN, local stockbrokers have started working towards becoming part of the Nigerian parties to the offer so as to earn some income. Market sources said brokers

that have been having close working relationship with the Stanbic Capital and Citi Bank in Nigeria are already exploring that relationship to be part of the deal. “If it eventually comes, the MTN listing will be major deal in the market. Considering that fact that the market has been without initial public offering for a long time, this is an opportunity no one would want to miss. I can tell you that many operators are working out strategies to be part of the offer,” a senior stockbroker told THISDAY on Monday. The broker explained that “as you are aware, MTN has said a full syndicate including Nigerian parties will be

appointed in due and this is the time for whoever that wants to be part of the that local team to work for it.” MTN had said in a statement last month that it was targeting 2017 to list its shares on the NSE. “MTN Nigeria is pleased to announce that its Board of Directors has resolved to proceed with preparations for a listing of MTN Nigeria on the NSE as soon as commercially and legally possible and has established a management task team with the responsibility to guide the company towards a listing. At present, MTN Nigeria is targeting that the Continued on page 24

Propak Exhibition Holds September

Preparations are being concluded for the 2016 Propak West Africa, the largest packaging, printing and plastics exhibition in the region, which will hold in Lagos from September 20 to 22. The organisers expect to welcome 150 exhibitors and over 3000 visitors over three days to the event. The Exhibition’s Director, George Pearson said: “The exhibition provides huge foreign investment opportunities for the region. Propak West Africa is the biggest international exhibition of its kind within the processing and packaging industry. We are bringing representatives from thirty different countries from over 100 exhibitors. What we want to do is raise the profile of the packaging and printing industries in particular and hopefully we can bring those countries in to focus on the these markets.” According to him, it is the food processing and packaging element of Propak’s Conference programme that is expected to attract particular attention this year. “This year, the FoodPro element of the conference programme is centred around innovation; alongside themes of automation solutions and local and international market challenges. Speakers from Krones and Gebo Cermex will enable homegrown brands to ensure their packaging is in line with globally accepted standards of quality and safety,” he said.

Visa Rewards Customer Loyalty

Visa, the global e-payments platform, has rewarded Effiong Eneh Bassey and thirty other cardholders who participated in the “e-commerce campaign.” Bassey won an all-expense paid trip to Rio 2016 Olympics while others were rewarded with N50, 000 shopping voucher each. The campaign, which kicked off in May 2016, was designed to encourage card holders to activate their visa cards on the ‘Verified by Visa platform.’Accordingtoastatement,the‘VerifiedbyVisa’isapasswordprotected authentication system designed to confirm the identity of the cardholder when a Visa card is used online. A password is requested from only the cardholder to help the bank verify that the genuine cardholder is entering their card information into an e-commerce website. The cardholders who participated in the campaign spent a minimum of N10, 000 on a local or international website. A total of 50, 000 cardholders participated in this campaign, 31 winners were randomly selected by an electronic draw. Representatives from Visa Nigeria, Lagos State Lottery Board, and the Consumer Protection Council were present to ensure a smooth and transparent selection process. Senior Business Development Leader, Visa West Africa, Emezino Afiegbe said: “This campaign is aimed at encouraging the use of our cardsforonlinepaymentsandalsotodrivee-commercetransactions. At Visa, we constantly explore ways to give incentives that will drive the use of cards for payments amongst Nigerians.”

We are currently carrying out examinations and also conducting stress test. At the end of it, we will determine how best the industry should be supported

Director, Banking Supervision, CBN

Tokunbo Martins

WEDNESDAY, AUGUST 17, 2016, • T H I S D AY

BUSINESSWORLD EXTERNAL RESERVES DOWN AS CBN SETTLES MATURED OBLIGATIONS

Osibanjo who disclosed this while speaking at the Lagos Chamber of Commerce and Industry 2016 Presidential Policy Dialogue Session also said the Nigerian economy remained resilient despite the huge challenges and downside potentials. According to the vice president, refineries in the country were expected to resume operation in full capacity before the end of 2017,having set a medium to long term strategy in motion to overhaul and sort them out. “Of course, the medium to long term plan is to sort out the refineries; it is important for us to deal with refineries because as many of us have well known, one of the largest foreign exchange cost for us is the importation of petroleum products and at the moment, most of our refineries are operating at sub-optimum and what we are able to refine is negligible compared to what is required on daily basis. “The recent introduction of flexible exchange rate regime, which was meant to ease pressure on external reserves, is of course one issue I am sure many will still want to comment on. MARKET OPERATORS LOBBY TO BENEFIT FROM PROPOSED MTN LISTING listing takes place during 2017, subject to suitable market conditions,” the company had said. It added that Stanbic IBTC Capital, the Nigerian arm of Johannesburg-based Standard Bank, will be the lead issuing house, while a full syndicate including Nigerian parties will be appointed in due course. There have been calls by government officials, market regulators and operators to list GSM operators and major oil companies operating in Nigeria on the NSE as way of deepening the local bourse and enable investors share from the huge profits they are making from the economy.

Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

NEWS

APTCON Moves to Boost Transport Sector Nume Ekeghe Private transport company owners under the aegis of Association of Private Transport Companies of Nigeria (APTCON), have called on stakeholders in the sector to tap into every potential the sector has to offer for its growth and development. Speaking recently, the convener of the association, Dr Henrietta Onwuegbuzie, expressed the readiness of members to energise the sector with trillions in fresh investments that will help grow the nation’s Gross Domestic Product (GDP). “It is our intention to fully mobilise and rally resources, both human and material, for the growth of the transport sector which has been identified by experts as capable of further propelling Nigeria’s GDP,” she said. She added: “We are keen on building the capacity of our members to leverage new opportunities, improve their services and operate sustainably, especially as the nation’s economy faces very severe strains.” Onwuegbuzie noted that APTCON’s forum slated for Wednesday in Lagos would bring together all stakeholders and address current challenges facing operators in the industry with a view to aggregating solutions for profitability and sustainability. APTCON, she said was established to provide a platform for players within the industry to meet and discuss matters bordering on common interests,

regulations and strategies on how to overcome operational challenges to ensure business sustainability and profitability for all stakeholders. “It is expected that APTCON will also provide a forum for interstate passenger transport operators to speak with one voice especially as regards government regulations, bus fares and other issues affecting the sector,” she added. Nigeria’s transportation sector contributes about three per cent to country’s GDP annually, according to a report obtained on the Nigeria Investment Promotion Commission (NIPC)

website. Road transportation accounts for more than 80 per cent of passenger and freight movement in the country; government is revitalising the railway network to service large proportion of this movement. The aviation sub-sector is also being transformed to a more user friendly and affordable mode of transport. Similarly, the capacity of the inland waterways is being built to effectively complement the other modes of transport. To develop transport infrastructure and facilitate

private sector participation, government had established the Infrastructure Concession and Regulatory Commission (ICRC) to manage the selection, development, procurement, implementation and monitoring of Private Public Partnership (PPP) projects. Part of the policy trust of the ICRC is to accelerate investment in national infrastructure through Public Private Partnership arrangement and key expansion and refurbishment of existing assets Minister for Transport, Rotimi Amaechi had said the

government was determined to fully explore and exploit revenue opportunities in the transportation sector, adding that the government remains committed to revive the nation’s economy with transport having a major contribution to the GDP. According to him, the transportation industry does not only hold the key to any economy but that it also forms the basis for all socioeconomic interactions. “As a first step, the government will pursue the enactment of legislation that will open up the sector to new investments that will lead to economic prosperity. “

FOR IMPROVED HEALTHCARE DELIVERY

L-R: HOD Medical, Ebute-Metta Health Centre, Dr. Sipe Oladapo; Head, Admin and HR, Mrs. Aduloju Abiola; Divisional Head, Marketing &Corporate Communications, Keystone Bank Ltd, Mrs. Omobolanle Osotule; Medical Director/CEO, Ebute-Metta Health Centre, Dr. Olusegun Ogboye and Head, Dental Department, Dr. O.J Olunuga, during the donation of sets of chairs and office equipment to the Health Centre in Lagos…recently

Forex Scarcity: Port Terminal Operators Lament Low Cargo Volumes Private terminal operators, otherwise known as concessionaires, operating at the nation’s seaports are facing difficulties in their operations as the cargo volumes they handle continue to decline. The hardship is compounded by the inability of most of them to procure dollars to meet their business obligations. The story is the same for a good number of the operators across the six major seaports in the country. At the port and cargo terminal at the Tin Can Island Port Complex in Lagos, container throughput was said to have dropped

by 10% while general cargo volume diminished by 50% in the first half of the year, compare to the corresponding period of 2015. Nigeria’s local currency, the naira, has depreciated by about 90% in the last 18 months. Managing Director of Sifax Group - owners of Port & Cargo, John Jenkins, attributed the huge drop in cargo volume at the port to the scarcity of foreign exchange. “The inability of the government to generate the required foreign exchange to oil the wheel of the economy posed a great challenge,” Jenkins said.

He said apart from the inability of importers to source foreign exchange to import cargo, “power is also a big challenge” at the port. The situation at neighbouring Joseph Dam, Five Start Logistics and PTML terminals also within the Tin Can Island Port Complex, are even more pathetic. PTML and Five Start have lost more than 70% of their RORO vessel and cargo traffic due to the dollar scarcity and the ill-conceived National Automotive Policy introduced by the Goodluck Jonathan administration in 2014. The

policy, which raised the tariffs on imported vehicles from 20% to 70%, led to the diversion of more than 50% of Nigerianbound vehicle imports to the Port of Cotonou from where they are smuggled into Nigeria. A visit to Terminals A and B operated by Apapa Bulk Terminals Limited (ABTL) owed by Flour Mills Nigeria Ltd and Terminals C and D operated by ENL Consortium on Friday, showed that most of the berths were empty as some of the workers were seen idling away. These facilities, which mostly handle break bulk and general cargoes, have

reportedly lost about half of their vessel and cargo traffic to the prevailing economic hardship in the country. Executive Vice Chairman/ CEO of ENL Consortium, Princess Vicky Haastrup confirmed that cargoes are fast disappearing from the once boisterous Lagos port. “The number of ships that I have handled from January till today is actually the number of ships I normally handle in a month,” Haastrup, who is also the Chairman, Seaport Terminal Operators Association of Nigeria (STOAN), said.

Crusoe Osagie

Comms/e-Business Editor Capital Market Editor

Shareholders Hail SEC over e-dividend Policy

Senior Correspondent

Goddy Egene

Emma Okonji

Goddy Egene

Raheem Akingbolu (Advertising) Correspondents

Chinedu Eze (Aviation) Linda Eroke (Labour) Eromosele Abiodun (Maritime) Ejiofor Alike (Energy) James Emejo (Nation’s Capital) Obinna Chima (Money Mkt) Reporters

Nume Ekeghe (Money Market) Nosa Alekhuogie (Capital Market)

Some shareholders have commended the decision by the Securities and Exchange Commission (SEC) to stop the issuance of dividend warrants as from June 30, 2017, saying it will go a long way in resolving the issue of unclaimed dividends in the market. The Director General of SEC had last week said Registrars operating in the Nigerian stock market will no longer

issue dividend warrants to shareholders as from June 30, 2017. Rather, all dividends would be paid electronically. He also added that all outstanding dividends would be uploaded to the electronic dividend(e-dividend) accounts of shareholders. According to him, before 2017 date, the electronic-dividend registration would have gained significant traction. Commenting on this development, the President,

Association for the Advancement of the Rights of Nigerian Shareholders (AARNS), Faruk Umar told THISDAY that the move is a commendable one that should be supported by all capital market stakeholders. He said embracing the e-dividend would not only check the cases of unclaimed dividends in the market and reduce losses suffered by shareholders over the years. However, Umar advised SEC to ensure increased awareness

campaign on the e-dividend platform. “SEC has taken a commendable step and it should follow this up with awareness creation so that shareholders will be prepared and register for edividend before the deadline of June 30, 2017. They should work with shareholders leaders and also get to the grass root for the policy to be effective and successful,” he said. Also, a founding member of Nigeria Shareholders Solidarity

Association, Alhaji Gbadebo Olatokunbo acknowledged the good intentions of SEC and other stakeholders on the issues of e-dividend and the directive to the registrars to offload old unclaimed dividends into the account of shareholders. However, he said the capital market regulator should also prevail on the registrars to stop the discrimination on public, secondary and multi applications for stocks.

WEDNESDAY, AUGUST 17, 2016, • T H I S D AY

BUSINESSWORLD

EQUITIES WATCH

Dangote Flour Returns to Profitability

Dangote Flour Mills has returned to profitability, as the repositioning strategies put in place after its re-acquisition from Tiger Brands by Dangote Industries Limited have started to yield fruit, writes Goddy Egene

Dangote Flour plant

One the factors that have endeared the President of Dangote Group, Alhaji Aliko Dangote to invest in the nation’s capital was his decision to list some of the his companies on the Nigerian Stock Exchange (NSE). That decision gave opportunity to investors to share from his wealth through dividends payment. The first company in the Dangote Group to list on the NSE was Dangote Sugar Refinery. Today there are Dangote Cement Plc, which is the most capitalised on the exchange, Dangote Flour Mills (DFM) Plc and Nascon Allied Industries Plc. These companies have been rewarding shareholders with dividends. However, shareholders in DFM Plc had a raw deal when Dangote Industries Limited (DIL), decided to sell part of that company to South African firm, Tiger Brand in 2012. Soon after the sale, the fortunes of DFM nosedived, leading to accumulated losses. However, in a bid to prevent the company from going under and save several jobs, DIL last December. Months after the re-acquisition from Tiger Brands, Dangote Flour Mills has returned to profitability. Corporate Profile Dangote Flour Mills Plc commenced operations in 1999, as a division of Dangote Industries Limited (DIL), one of Nigeria’s largest and fastest growing conglomerates. Following the strategic decision of DIL to unbundle its various operations, DFM was incorporated in 2006. The restructuring was completed in January, 2006 when the Federal High Court sanctioned a scheme of Arrangement wherein all the assets, liabilities and undertakings of the erstwhile flour division of DIL was transferred to DFM. From an initial installed capacity of 500 MT per day at its Apapa mill, Dangote Flour has expanded rapidly by opening in quick successions three other flour mills in Kano (2000), Calabar (2001) and Ilorin (2005). Each of the mills started with an installed capacity of 500 MT per day but all of them have subsequently expanded resulting in a total installed capacity of 5,000. The expansion was in response to a growing national demand for flour and flour based products in addition to the company’s drive for increased market share. Thus from a modest beginning the company has grown to become one of the industry leaders within a six-year period. The company has three wholly owned subsidiaries, comprising Dangote Agro Sacks Limited, Dangote Pasta Limited and, Dangote

Noodles Limited. Financial Performance The company posted a profit before tax (PBT) of N2.64 billion for the nine months ended June 30, 2016, compared to a loss of N9.55 billion posted in the corresponding period of 2015. An analysis of the results showed that Dangote Flour Mills, which consists of Dangote Flour, Dangote Pasta, and Dangote Noodles, recorded a gross profit of N14.03 billion by June 2016 as against N2.62 billion by June 2015. Profit from operating activities rose to N8.47 billion by June 2016 compared with trading loss of N3.48 billion in comparable period of 2015. After tax, net profit stood at N2.84 billion by June 2016 as against net loss of N9.11 billion in 2015. Earnings per share showed 76.5 kobo as against loss per share of N2.42 in 2015. Gross profit margin more than tripled to 28.14 per cent by June 2016 as against 7.9 per cent in corresponding period of 2015. Pre-tax profit margin stood at 5.3 per cent in 2016, as against negative margin of 28.9 per cent in 2015. Commenting on the results, Group Chief Executive Officer, Dangote Flour Mills, Thabo Mabe said the return to profitability follows several strategies adopted by the company to increase market share and create value for

shareholders. He said that the flour mill is driven by the vision of putting its products on the table of every Nigerian. Justifying Reacquisition Although the re-acquisition of DFM attracted various interpretations, sources close to the DIL had said the company had to consider the repurchase so as to keep the it as a going concern, which preserves value for the minority retail shareholders and also secured direct employment for over 3,000 employees. “Going by every indication, the future of the company was very doubtful and that was risky for the employees which are over 3,000 Nigerians apart from others who benefit from the company’s services through other ancillary services. The return of DIL is therefore a big relief and good decision to save the jobs of the staff of TBCG,” a market source had said. The transaction ensured that the company was maintained as a viable going concern, able to retain its employees and meet its obligations to its stakeholders. Besides, the transaction envisaged that sufficient capital will be injected into the company in order to stabilise the business and place it on a sustainable path aimed at creating value for its stakeholders. Reposition Strategies Soon after the repurchasing the company,

DANGOTE FLOUR MILLS FINANCIAL SUMMARY JUNE 2016

N 49.8bn

45 40 35

JUNE 2015

N 33.1bn

JUNE 2016

N 35.8bn

JUNE 2015

N 30.5bn

30 25 20

JUNE 2016

N 12.8bn

15 10

JUNE 2015

N 10.8bn

JUNE 2016

JUNE 2015

N 2.3bn N 2.5bn

05 0

REVENUE

COST OF SALES

DIST/ADMIN EXPENSES

FINANCE COST

JUNE 2015

N 2.8bn

JUNE 2015

N 9.1bn

PROFIT AFTER TAX

DIL made fresh efforts to reposition the firm, return it to profitability and deliver returns to shareholders like others in the group. The first move was ensuring a new corporate governance strategy. In this regard, Aliko Dangote left the board, while Asue Ighodalo, a renowned corporate lawyer and Chairman of Sterling Bank Plc was appointed as its new chairman. Also, DIL appointed Alhaji Ahmed Shehu Yakasai as Executive Director, Supply Chain and Deputy Chief Executive Officer, while Ms. Halima Dangote was appointed Executive Director, Commercial. Addressing the shareholders of the company, Ighodalo assured the shareholders that the Board and Management of the company would continue to mitigate the effect if these challenges and would work extremely hard to turn around the fortunes of the company. He said following the repurchase of the entire shareholdings of Tiger Brands, additional capital has been injected into the company. According to him, “We bought back Dangote Flour Mill from Tiger Branded and by this move, it means we have a stronger, better sophisticated and more focused DFM. “Since the takeover, we have taken a lot steps to reposition the company through expansion to drive growth. We are also using this medium to restate our commitment to increasing our shareholders value and our dear customers.” He added: “Our processes and management have been strengthened in order to stabilise the business and place it on a sustainable path aimed at creating value for its stakeholders,” Ighodalo said. The chairman, who expressed appreciation to the staff, noted that the company would continue to place high priority on their training and development, seek and retain the best the “best talents in our continued pursuit of operational and services excellence.” He stated that the customers are the key partners in the business, who continue to remain the cornerstone of the company.“Notwithstanding the challenges faced during the year, we continued to receive excellent patronage from our customers. We are immensely grateful for this unwavering support,” the chairman said. He reiterated the commitments of the group to further invest in the growth of its businesses within and outside Nigeria noting that the Dangote Group believes in job and wealth creation.

WEDNESDAY, AUGUST 17, 2016, • T H I S D AY

BUSINESSWORLD

ANALYSIS

Stabilising Nigeria’s Ailing Economy Chika Amanze Nwachuku writes that with the deepening economic crisis, the federal government should take more proactive measures to forestall a total economic collapse

Emefiele

The Nigerian economy has been under intense strain due to the collapse in oil receipts. Brent crude, used as an international benchmark plunged as low as $27.67 a barrel in January, the lowest since 2004. It rebounded briefly in April on the back of supply disruptions that helped to chip away at the global glut and pushed prices close to $50. Prices currently oscillate between $40 and $45 per barrel. The low oil prices are wreaking havoc on oil exporting economies, with Nigeria, Angola, Venezuela, Azerbaijan, and Russia identified by the Organisation of Petroleum Exporting Countries (OPEC) as countries worst hit. The oil cartel noted that the five countries were identified among the oil exporters hit by falling currency value. Nigerian economy is reliant on oil sales. In fact, oil accounts for more than 90 percent of Nigeria’s exports and about 80per cent of government’s total revenue. So as oil prices take a nosedive, so does the Nigerian economy. The inflationary rate has been 16.5 percent since June 2016. The real Gross Domestic Product (GDP) growth rate declined to -0.36 per cent in the first quarter of this year, compared to 2.11 per cent in fourth quarter

Power shortages are so severe that millions of Nigerians rely on generators to run their homes and businesses.The myriad of economic headwinds have also severely stunted the growth of Nigerian stock market, forcing some foreign portfolio investors to exit the country

Adeosun

of 2015, according to the National Bureau of Statistics (NBS). The Nigerian economy contracted to 3.86 per cent and 2.35 per cent respectively in first quarter of 2015 and second quarter of 2015 before rebounding to 2.84 in third quarter 2015 and further shrunk to 2.11 per cent Q4 of 2015. The current decline represents the first contraction since June, 2004, a 12-year-low. Unemployment rate also climbed to 12.1 per cent in the first quarter of this year, compared to 10.4 per cent in Q4 of 2015 and 9.9 per cent in the third quarter of 2015. The rising unemployment and inflation rates, put together, pushed Nigeria’s misery index to an all-time high of 47.7 per cent, ranking the country as having the fifth highest misery index in the world, in the first half of 2016. The misery index is an economic indicator created by renowned economist, Arthur Okun, to help determine how an average citizen is faring economically. This is calculated by adding the adjusted unemployment rate to the annual inflation rate. A rising misery index means the economy is not faring well. CBN’s Laudable Efforts In line with its statutory functions, the Central Bank of Nigeria (CBN), headed by Godwin Emefiele has put in place a lot of measures to strengthen the naira and to return the economy to growth part. Last year, the apex regulator suspended foreign currency funding for about 41 imported items, which Nigeria can do without. Though this directive has elicited a lot of criticisms, the idea, according to the bank was to channel those resources for the support of the real sector rather than on frivolous imports. The bank had for 16 months, also restricted foreign currency supply and pegged the naira at N197 to N199 per dollar. However, the central bank in June ended the 16-month old peg on the naira and introduced a flexible exchange rate regime to allow the currency to trade freely on the interbank market. But dollar liquidity has remained a concern in the system, even with periodic intervention by the central bank. The liquidity crunch in the forex market continued last week as the naira further depreciated at the interbank market. The interbank spot rate closed at N332.07/$1

Budget implementation stalled The worsening financial crisis has stalled the implementation of the 2016 budget, prompting the federal government to resort to borrowing to fund the N6.06trillion budget. Recently, the Secretary to the Government of the Federation (SGF), Mr. Babachir David Lawal stated that the 2016 budget would be partially implemented as a result of revenue shortfall. He had blamed the decline in economic activities on the militant group, the Niger Delta Avengers, which has claimed responsibility for the renewed attacks on oil installations in the oil-rich Niger Delta. Although the signing of the budget was delayed, its eventual signing in May, had elicited great expectations that it would stimulate economic activities and revitalise the economy. The Minister of Finance, Mrs. Kemi Adeosun, had emphatically stated that the proposed N350billion quarterly injections by way of capital projects that was disclosed by the president would be implemented immediately, to help stimulate economic activities and reflate the economy. But three months down the line, meaning economic activities are yet to kick off.

headwinds have also severely stunted the growth of Nigerian stock market, forcing some foreign portfolio investors to exit the country. The banking sector, which plays very important role in the economic development is going through its tough times in years, with most of them declaring less than impressive results, while others are recording huge declines in their bottom line. Interest rate is on the upswing; small scale businesses are going down; in fact most of them have closed shop. A lot of Nigerians are losing their jobs as most companies embark on job cuts as a cost cutting measure. In its Doing Business 2016 report, released in May, the World Bank had noted that Nigeria remained one of the poorest business destinations in the world. It ranked the country 169 out of 189 countries in its latest report on the ease of doing business globally. The report examined the business economic conditions of 189 countries across the globe with emphasis on getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, regulations for starting a business, dealing with construction permits and resolving insolvency. Although this year’s ranking was a marginal improvement over 2015 ranking that placed the country in the 170th position, Nigeria trails behind African countries such as Mauritius (32), Rwanda (62), Botswana (72), South Africa (73) and Ghana (114) – all competing for foreign direct investments. The implication is that the Nigerian environment is not conducive for business to thrive.

Is the Economy Getting Better or Worst From all indications, the situation has gone from bad to worse to horrific as all the macroeconomic indicators are not looking good. The NBS is expected to release its latest numbers in coming weeks and there are projections that the anticipated estimates would also be negative. Besides, crude oil production has dropped to about 1.4 million barrels per day as a result of resurgence of militancy in the Niger Delta region. Power shortages are so severe that millions of Nigerians rely on generators to run their homes and businesses. The myriad of economic

Nigeria Technically in Recession Last month, the Minister of Finance, Adeosun disclosed that Nigeria’s economy has entered into a technical recession. Though the minister admitted that “things are tough,” she however insisted that the economy “is in good hands and there should be no panic.” She said: “Things are tough, but we are not ignorant. “I want to assure Nigerians the economy is in good hands and we are absolutely doing our best. We want to assure Nigeria we are on the right path; we are on the right track.” Adeosun’s pronouncement followed on from the International Monetary Fund’s (IMF’s)

last Friday. The naira/dollar exchange rate at the parallel market traded at N397/$1 last Friday. Penultimate week, it closed at N400/$1. Many economists say this disparity is unsustainable. Also, sentiments in the futures FX market also weakened last week as the one-year forward rate depreciated to N349.30/$1 from N345.42/$1 the preceding week.

WEDNESDAY, AUGUST 17, 2016, • T H I S D AY

BUSINESSWORLD

ANALYSIS

STABILISING NIGERIA’S AILING ECONOMY disclosure that Nigeria’s economy will contract by 1.8 percent this year. It also came less than a week after the NBS revealed that the Consumer Price Index used in gauging inflation in the country had risen to 16.5 percent, the highest in 11 years. The Fund had cut Nigeria’s GDP growth forecast from 2.3 percent in April to – 1.8 percent, lowest in 29 years. Nigeria is Broke Last week, while playing host to the United Nations Population Fund’s Executive Director and Under Secretary-General of the United Nations, Prof. Babatunde Osotimehin, President Muhammadu Buhari admitted that Nigeria was facing financial difficulties due to the slump in crude oil prices. He said: “Nigeria has suddenly become a poor country as a result of oil price crash.” “It has been a very difficult year for Nigeria. Before we came to office, petroleum sold for about $100 per barrel. Then it crashed to $37, and now oscillates between $40 and $45 per barrel”, a truly worried president Buhari commented. He said the prudent manner his administration had been handling the nation’s resources made it impossible for people to know that there is severe shortage in the country, adding that accountability was serving the government in good stead, despite severe shortage of resources in the country. Growing Concerns Speaking on the poor state of the economy in a recent interview with THISDAY, the Managing Director/CEO of Maxifund Investments and Securities Plc, Mr. Okechukwu Unegbu declared that the economy has been in the doldrums. “In other words, it is static. Instead of the economy growing, we are noticing negative factors such as increasing rate of inflation, unstable exchange rate, interest rate is on the upswing, a lot of people are losing their jobs, small scale businesses are not functioning and a lot of them have closed down and a lot of their workers now jobless. Finally, there is no economic direction at the moment, even though I am aware that they are working to bring a blueprint for the movement of the economy. As at now, the economy is comme ci, comme ca, that is, it is rather not growing, but static.” On his part, an economist and a faculty member at the Pan-Atlantic University, Dr. Austin Nweze argued that the economy on its own cannot grow- it requires the political institutions to give it the firepower it requires. He posited in a recent interview with THISDAY that the economy will keep on bleeding for as long as the political system that creates the strength to fire the economy continues to delay decisions or not knowing what to do. “With the weak political institution that we have, the economy will keep on suffering. You can’t separate the economy from the political class. It has a big influence”, Nweze said. According to him, the infrastructure and economic policies are such that without a strong political institution, nothing will really function well. Besides, he noted that the political institution we have is lopsided in favour of only very few and we need a system that will provide justice, quality, equity and fairness. Nweze remarked: “Malaysia had a similar situation. There are three major ethic groups in Malaysia, the Malays, Indians and Chinese. But the political side has been able to accommodate everyone and make policies that will allow different groups to express themselves. The Chinese, for instance, are mainly business people and they are the richest in Malaysia. The issue of hypocrisy is not there. So, until we solve that and allow everybody to express themselves, then the economy will not take shape.” On the much talked about economic diversification, Nweze said: “What we need to do now is policy choice. Everything is about policy. If you have a right policy in place and implement it, the economy will respond positively. So, the thing is that to increase production, you will need to encourage industrialisation and to industrialise, we

Broad Street Lagos

need energy, we need entrepreneurs and that is why I mentioned Anambra, Abia, Kano and Ogun states. Look at every state of the federation and local governments, they have at least two items of natural endowments that could also be used to build industries around. You don’t need to come to Lagos to become a big man, but you can stay in your village. So, when government is talking about diversification of the economy, they also have to consider centralising the economy, so that economic activities will be going on in all the nooks and crannies. So, that is the way to go about it but nobody is putting that in political space. Short-term thinking has never solved the problem. We need a strategic thinking, critical one.”

state of low quality of life, to a state of wealth and a higher quality of life. The moment we focus our attention on the quality of life of Nigerians, then politics will play less impact,” he noted. He said: “The declining economy is an opportunity to develop possibilities for export. We should look at the opportunity that the collapsing oil economy is bringing to us. Today, oil contributes about 10.1 per cent of the nation’s GDP unlike what used to be the case in the time past. This is the time for Nigerians to think out of the box in order to grapple with the present state of affairs. Anything one can do to earn a dollar, which means we have to develop things that can be exported, should be done,” he said.

Proactive Economic Team Required Speaking at recent business summit in Enugu state, a former Chairman of the Nigeria Economic Summit Group (NESG), Mazi Sam Ohuabunwa posited that for Nigeria to sail out of her present economic woes, President Muhammadu Buhari must ensure that strategic thinkers and a proactive economic team are brought on board to bring about appropriate and timely economic and fiscal policies. Ohuabunwa identified a lack of thinking and patriotic commitment of Nigerian leaders as the cause of the current economic crisis facing the country. Ohuabunwa said: “Enlightened is the word; enlightened, dedicated, patriotic leaders, who know that the purpose of leadership is to move people from a state of poverty, the

Can Monetary Policy Alone Address Nigeria’s Economic Challenges? Economic experts argue that Nigeria’s economic challenges require the combined efforts of both the monetary and fiscal authorities to address. They authorites, according to the experts, must collaborate to put in place proactive measures and right policies that will inflate the economy. The Chief Executive Officer at Graeme Blaque Group, a financial advisory firm, Mr. Zeal Akaraiwe, in a recent interview with THISDAY, stressed that the Nigerian economy is facing an unusual mix of challenges, which require strong collaboration of the economic team to tackle. He reasoned that: “Monetary policy cannot act alone. So, our economic team – the Minister for Trade and Investment, the Minister for Finance, the CBN Governor, the Vice President, the Head of Customs, all need to sit down and map out a strategy that they would all execute jointly. CBN alone cannot get us out of this problem.”

From all indications, the situation has gone from bad to worse to horrific as all the macroeconomic indicators are not looking good

Firm Assurance The Finance Minister has emphatically stated that the economic team is working assiduously to revive the economy. She said the government had devised strategic measures, among which is discipline regarding how public money is spent.

She explained that the federal government opted for a conservative borrowing plan to fund the critical sectors of the economy and to ensure that future generation is not burdened with debt payment. The minister also reiterated that the government is looking to develop the country’s infrastructure to allow the private sector to thrive which will in turn create jobs and unlock the economy. Similarly, Vice President Yemi Osinbajo, who recently acknowledged the slump in Nigeria’s GDP, foreign portfolio investment into the country, as well as worsening power generation, also gave a firm assurance that these challenges would become a thing of the past. “Our immediate tasks to achieve our economic objectives are: reduce fiscal and forex imbalances; boost dollar liquidity; curb inflation; lower interest rate; ensure lending to the real sector; increase foreign direct investment and foreign portfolio investments by sustaining enabling policies.” As part of efforts to increase non-oil revenue and address the economic challenges facing Nigeria, Osinbajo said the federal government plans to add 700,000 more companies into the tax net. “A great effort has been made to improve non-oil revenues. This includes bringing an additional 700,000 companies into the tax net as compared to the targeted 500,000 set at the beginning of the year,” he said. To say the oil price crash is now upending the economy of Nigeria is to say the obvious. The situation is bad, really bad, and rapidly getting worse. President Buhari and his economic team are facing increasing pressure as the worsening economic crisis has affected basic services. The dollar scarcity has persisted despite the CBN’s flexible exchange rate policy. Manufactures and other sectors, are lamenting the persistent forex scarcity. The Port terminal operators are also groaning as dollar scarcity, low cargo volumes persist. The question being asked is what could happen next? Nigerians are fed up with sundry promises and targets that often turn out to be mere wishes.

WEDNESDAY, AUGUST 17, 2016, • T H I S D AY

BUSINESSWORLD

ANALYSIS

Banks’ Fast-rising Bad Debts

Obinna Chima examines efforts to rein in risks in the banking system As the level of non-performing loans (NPLs) in the banking system are on the increase as Nigeria’s macroeconomic indicators weakens, there are concerns about systemic risk in the industry. The Central Bank of Nigeria (CBN) had in its Financial Stability Report for December 2015, disclosed that although few banks have NPLs ratio above the regulatory maximum limit of five per cent, the situation does not pose significant risks to the banking industry. The number of NPLs in the industry has been projected to have risen higher in the first half of the year considering the headwinds in the macroeconomic environment. In fact, banking sector NPLs have been predicted to jump to 12.5 per cent of the total loans of the banks this year, up from the central bank’s target level of five per cent at the end of last year, according to Agusto & Co, Nigeria’s main rating agency. Nigeria’s real Gross Domestic Product (GDP) growth rate declined to -0.36 per cent in the first quarter of this year, compared to 2.11 per cent in fourth quarter of 2015, the National Bureau of Statistics (NBS) had stated. The economy had contracted to 3.86 per cent and 2.35 per cent respectively in first quarter of 2015 and second quarter of 2015 before rebounding to 2.84 in third quarter 2015 and further shrunk to 2.11 per cent Q4 of 2015. The current decline represents the first contraction since June, 2004, a 12-year-low. Unemployment rate in the Nigerian economy climbed to 12.1 per cent in the first quarter of this year, compared to 10.4 per cent in Q4 of 2015 and 9.9 per cent in the third quarter of 2015. According to the NBS data release calendar, the second quarter GDP estimates are expected to be released in the next three weeks. But, there are projections that the anticipated estimates would also be negative. The central bank ditched its 16-month old peg on the naira in June and introduced a flexible exchange rate regime to allow the currency to trade freely on the interbank market. But dollar liquidity has remained a concern in the system with periodic intervention by the central bank. The central bank has told lenders to set aside extra provisions against their dollar loans. Since the central bank’s recent intervention at Skye Bank, there have been increased concerns about the health of Nigerian banks. Forbearance to Banks In view of the current macro-economic challenges in the country, the CBN last week announced that it has granted a one-off forbearance to banks this year to write-off their fully provided for NPLs without waiting for the mandatory one year. The CBN stated this in a two-paragraph circular by its Director, Banking Supervision, Mrs. Tokunbo Martins. Martins stated that the central bank acknowledged the request by banks to amend the requirements of S.3.21 (a) of the Prudential Guidelines, which mandates banks to retain in their records, fully provided NPLs for a period of one year before they are written off. . In a related development, in view of what it described as the observed abuse of access to its Standing Lending Facility (SLF) by banks and other authorised dealers, the CBN announced measures to correct the anomaly. To this end, the central bank in another circular by its Director, Financial Markets Department, Dr. Alvan E. Ikoku, directed all authorised dealers to refrain from accessing the discount window on the settlement date for government securities’ auctions. The securities referred to are CBN bills, Nigerian Treasury Bills and Federal Government of Nigeria bonds. It stressed that any violation of the directive would result in the denial of access to the SLF. Reacting to this policy, the Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane said the central bank was being realistic. “In writing off loans that you have already provided for is not as impacting as you think; it is the provisioning that is the problem. When you write it off, it has some tax advantage. Let me give an example. If you pick garbage from your kitchen and put it in the dustbin, that is provisioning. “When the garbage man takes the garbage away from the front of your house, then that is write-off. So, as far as your house is concerned, you have already taken it out and put in a dust bin. So, anybody that enters your house will not

know what is there. “Now, what the central bank has done is not a big deal. The most important thing is allowing staggered provisioning. If a loan is questionable, the central bank can say instead of making a provision in one year, you can make it in five years,” the economist said. On his part, the Head of Research, SCM Capital Limited, Mr. Sewa Wusu, told THISDAY that the central bank introduced the policy to cushion the effects of the challenges being faced by banks. He pointed out that if banks are allowed to make full provision, the level of NPLs might further impact on their books. “So, what the CBN did was to introduce the measure to support the banks. I also think that the CBN should begin to look at away of re-assessing the banks position again in terms of having a stress test. Banks can also raise tier 2 capital so as to shore up their capital adequacy ratio. “So, I think there is need to carry-out that test to ensure that the banks are sound, so that they can also play their role in the economy and be able to withstand shocks. The CBN has been doing a lot. It is not easy because we are undergoing economic challenges and the financial system which is very sensitive must be protected and supported so that banks cannot fail,” he added. Nonetheless, in order to ascertain the actual well-being of banks owing to the situation in the economy and rising non-performing loans, central bank disclosed that it is currently carrying out examination on banks. At the end of the exercise, the banking sector regulator said, it would determine how best the industry should be supported. Martins, disclosed this in response to enquiries from THISDAY. Responding to THISDAY’s question on the need to conduct special examination on the banks to mitigate systemic risk in the industry, Martins stated: “I totally agree. We are currently carrying out examinations in that regard and also conducting stress test. At the end of it, we will determine how best the industry should be supported.” Effect of Adverse Commodity Price Shock Clearly, as a country that is heavily dependent on oil, the prolonged decline in oil prices is having a knock-on effect on the banking industry. Adverse commodity price shocks, according to the International Monetary Fund (IMF) can also contribute to financial fragility through various channels. Firstly, a decline in commodity prices in commodity-dependent countries results in reduced export income, which could adversely impact economic activity and agents’ (including governments) ability to meet their debt obligations, thereby potentially weakening banks’ balance sheets. Secondly, a surge in bank withdrawals following a drop in commodity prices may significantly reduce banks’ liquidity and potentially lead to a liquidity

mismatch, the IMF stated. Financial fragility can be defined as the increased likelihood of a systemic failure in the financial system, for which the most obvious indicator would be a systemic banking crisis. Last year, the regulator gave three commercial banks until June 2016 to recapitalise after they failed to hit a minimum capital adequacy ratio of 15per cent. “Negative shocks to commodity prices tend to weaken the financial sector and increase the probability of banking crises, with larger shocks having more pronounced impact. More specifically, negative commodity price shocks increase non-performing loans and bank costs, reduce the provisions to non-performing loans and bank profits (return on assets and return on equity). “Second, these detrimental effects are more common in countries with poor quality of governance, high public debt, and low financial development but are less common in countries under IMF-supported programs, holding sovereign wealth funds (SWF), implementing macro-prudential policies, and with a diversified export base. “Third, GDP growth, fiscal performance (fiscal deficit and government revenue), savings, and debt in foreign currency are the main transmission channels of commodity price shocks to the financial sector,” the fund added. Fresh Capital as Buffer As a result of the situation, some banks in the country have started taking steps to increase their capital. For instance, Diamond Bank Plc and First City Monument Bank Limited (FCMB) recently disclosed plans to raise fresh capital. Diamond Bank is considering raising fresh capital and selling some assets in order to strengthen its capital base, its chief executive, Uzoma Dozie said. According to him, the bank’s capital plan will ensure it meets all regulatory requirements both in the short term and in the future. Diamond Bank’s capital adequacy ratio had fallen to 15.6 per cent of assets by mid-year from 18.6 per cent a year ago. “We are doing a capital management plan and that will determine how much capital we want to raise, tenor and size,” Dozie told an analysts’ conference call. “We don’t have any need to grow our branch network any more. We are also looking at some assets that we can dispose of and we are a long way into that,” he said. Diamond Bank’s non-performing loan ratio rose to 8.9 per cent in the first half, above the central bank’s target level of five per cent where it stood a year ago, Reuters had disclosed. It expects to bring down the ratio to 7.5 per cent by year end, he said. In a related development, FCMB plans to raise N10 to N15 billion ($47 million) of tier II capital to boost its balance sheet and will target its retail investors for the offering, its chief executive officer, Ladi Balogun, said.

Balogun said its capital adequacy ratio was close to the regulatory limit of 15 per cent of assets at mid-year, and that it was undertaking the capital raising to provide an additional cushion. He said the bank was also slowing down loan growth, adding that a rate of increase of 14.8 per cent in the first half was largely due to the 40 per cent drop in the value of the naira against the dollar since the dollar exchange rate peg was removed in June. Otherwise loans declined by 1.9 per cent, said Balogun, whose term as CEO ends next year. “For the Tier II we would be looking at anywhere in the range of N10 to N15 billion. It’s really going to be targeted at retail because we feel that the rates from institutions will be high,” Balogun also told an analysts’ conference call. “We have interest from some depositors who want higher yields.” Balogun said the bank would also retain profits in addition to the bond sale to boost capital and tap into buffers at its holding company, if necessary. Balogun said its dollar loans were fully covered as of the end of June and that the bank expects to restructure 25 per cent of loans to the oil and gas sector in the third quarter after it restructured 50 per cent of those loans last year. In the same vein, Unity Bank Plc recently said it is planning to raise additional capital to support its growth initiative. According to the bank, the fresh capital will also enhance its pursuit of planned growth trajectory especially in Agriculture financing, SMEs, rural economy and overall financial inclusion schemes already outlined. Also, the Managing Director/Chief Executive Officer of Sterling Bank Plc, Mr. Yemi Adeola has said the bank would conclude its N35billion tier 2 capital raising exercise in the second half of the year. Speaking against the background of the performance of for the bank for the first half year ended June 30, 2016, Adeola said while some of the macroeconomic challenges witnessed during the period would persist, improvements in the Nigerian economy was being expected, driven by the implementation of the budget and other fiscal palliatives introduced by the federal government. Hence, the bank is being positioned to take advantage of the improvements and create better value for all stakeholders. In terms of policy implications, the forgoing underscores the necessity of adopting policies to increase the resilience of the banking system. Firstly, just as outlined by the IMF, policy makers in Nigeria should promote sound economic policies and good governance that will ensure the effective use of natural resource windfalls and build fiscal buffers to help mitigate the impact of commodity price shocks and stabilise the economy. More so, the central bank should ensure that it implements macro-prudential policies in order to limit or mitigate systemic risk.

T H I S D AY WEDNESDAY AUGUST 17, 2016

WEDNESDAY, AUGUST 17, 2016, • T H I S D AY

BUSINESSWORLD

ANALYSIS

Tough Times for Cement Producers Despite the huge potential, the fortunes of cement manufacturing companies are dwindling due to high energy and financing costs, writes Goddy Egene

Operators in the Nigerian cement industry ought to be in boom given the fact that Nigeria is a developing country that needs infrastructures. The country is in need of good network of roads and housing, a situation that create immediate demand for the products of cement companies. However, instead of the housing deficit and poor network of roads to create a ready market for cement companies and lead to a boost in their bottom-line, the companies are struggling to survive as a result of challenging operating environment. Although the cement market recorded a volume growth of about 27 per cent in the first quarter in 2016, compared to Q1 of 2015, it was driven largely by the private sector. The public sector consumption has been constrained by both the delayed signing of the federal government’s 2016 budget and continued cash crunch across states. Lower prices and the conversion of monies meant to purchase U.S Dollars to building activity following persistent forex liquidity in the country are believed to have had the biggest impact on private sector demand for cement this year. Dangote Cement Plc, Lafarge Africa Plc, Cement Company of Northern Nigeria (CCNN) Plc and Ashaka Cement Plc are the major players in the cement industry that are listed on the Nigerian Stock Exchange (NSE). But a review of their financial performances showed that it has been a daunting task for them to survive. Dangote Cement Plc Dangote Cement is the leader in the industry with operations across Africa. The company has the highest market capitalisation on the NSE, accounting for over 30 per cent of the equities sector of the Nigerian bourse. Dangote Cement has maintained a relatively stable performance in the past four years. It has recorded a total revenue of N2.4 trillion and profit after tax (PAT) of N694 billion.

Revenue was N298.5 billion in 2012, N386.2billion in 2013, N391.6billion in 2014 and N491.7billion in 2015. PAT, which stood at N151.9billion in 2012, rose to N2012billion in 2013,fell to N159.5 billion in 2015 before rising to N181.3 billion in 2015. Given the turnover volume enjoyed by Dangote Cement over the years, its bottom-line would have been higher. But high cost of funding has been a drain. Finance cost rose from N13.3 billion in 2012 to N13.7billion in 2013, N32.9 billion in 2014 and N54.3 billion in 2015. The latest financial results of Dangote Cement, which is for the half year (H1) ended June 30, 2016, reflected the challenging operating environment that depressed the performance of most companies. Dangote Cement Plc reported a revenue of N292billion in H1 of 2016, showing an increase of 20 per cent over N242billion posted in the corresponding period in 2015. PBT rose to N229.9 billion in 2016, from N145.6 billion in 2015, while PAT fell by 14 per cent to N106.3 billion, compared with N123.1 billion in the corresponding period of 2015. The decline resulted partly from foreign exchange loss of about N101 billion, which shot up the finance cost to N118 billion in 2016, compared with N24.381 billion in 2015. Commenting on the results, the Chief Executive Officer of Dangote Cement Plc, Mr. Onne Van der Weijde said: “We have achieved a commendable result, given the very challenging situation in our main market and general economic weakening across Africa.” He said the management would continue to respond to the prevailing operating environment with strategically thought measures for the organisation to maintain its leadership and profitability. Weijde also disclosed that in a move to boost its profitability, the company would begin 100 per cent coal production in the fourth quarter

of 2016. This, he said, will help to solve the problem of gas shortage and foreign exchange volatility and increase profitability. According to him, some of the company’s plant in Obajana in Kogi State and Ibese in Ogun State have already started using locally purchased coal for operation, blending with imported coal to assure optimal quality. “Our investment in coal is enabling us to reduce our dependence on both oil and gas as fuel sources, thus protecting our production from disruption and improving margins. The devaluation of the Naira will obviously have an impact on costs and our priority will be to protect margins,” he said. Commenting on the performance of Dangote Cement, analysts at Cordros Capital Limited, said its earnings have been impacted by weak revenue growth (owing to relatively lower prices); sharp increase in operating expenses and significantly lower net finance income. “For 2016, we look for consolidated revenue and EBITDA growth of 32 per cent and 16 per cent respectively. This is driven primarily by contribution from the Pan African operation which is poised for strong volume growth (from new capacities) and currency translation gains following the devaluation of the naira. In Nigeria, it is unlikely that volume growth would sustain the run rate experienced over the first half, given the dour macroeconomic outlook. Combined with soft selling prices and rising operating cost (linked to energy price and the devaluation of the local unit) point to declines in EBITDA and -- combined with higher effective tax rate – PAT,” they said. Lafarge Africa Plc This company, which is a member of the LafargeHolcim, a leading global building materials Group, consolidated its operations in Africa in 2014 to become Lafarge Africa. While the company has been striving to expand its

operations in the Nigerian market, its fortunes have witnessed reduction recently. The company did relatively well from 2012 to 2014 with turnover rising from N87.9 billion in 2012 to N98.8billion in 2013 and N205billion in 2014. PAT trended the same way, rising from N14.7billion in 2012 to N28.3 billion in 2013 and N33.5 billion in 2014. However, 2015 was bad for the company as PAT declined by 20.2 per cent to N27billion. That year operating expenses grew by 20.5 per cent from N30.6billion to N36.9 billion, while net financial cost rose by 13 per cent from N7.9 billion to N9.0billion. According to the company, “Group after tax profit declined by 20 per cent versus last year, when taking into account the one-off restructuring costs and the unrealised exchange impact on the Mfamosing operations foreign currency borrowings from the parent group, Holcim Lafarge, the world’s largest building materials company. The one-off impact of the adjustment to the naira value of the foreign currency borrowing, due to the deterioration in the naira exchange rate, is to a large extent an accounting exercise as Lafarge Africa PLC is not foreseen to repay the shareholder loans in the foreseeable future, which makes up the majority of the foreign currency borrowing. Excluding these one-off/ none operational impacts, profit improved by six per cent versus last year behind the strong underlying fundamentals of Lafarge Africa Plc’s operations. Cash flow from operations was robust at N57.9 billion.” The company added that it continued to deliver good performance with significant upsides to come as new cement and power generation capacities come on stream and synergy benefits from the merger in Nigeria flow through. It had expressed optimism about a bullish future, saying the overall Nigerian cement market is foreseen to grow robustly in 2016 behind a strong Individual Home Building Segment.

WEDNESDAY, AUGUST 17, 2016, • T H I S D AY

BUSINESSWORLD

ANALYSIS

LAFARGE TWO-YEAR PERFORMANCE SUMMARY

DANGOTE CEMENT FOUR-YEAR PERFORMANCE SUMMARY REVENUE

FINANCE COST

PROFIT BEFORE TAX

2015 500

REVENUE

PROFIT AFTER TAX

2014

2013

N391.6 bn

400

2015

2012

N386.2 bn

350

N298.5 bn

300 250

N184.7 N181.3 bn bn

200

N190.8 bn

N184.7 N159.5 bn

300

PROFIT AFTER TAX

2014

N267.2 bn

N260.8 bn

250

N201.2 bn N135.6 bn

150

N151.9 bn

N54.3 bn

N183 bn

200 150 100

N82.5 bn

40 35

FINANCE COST

N491.7 bn

450

100

GROSS PROFIT

N32.9 bn

N13.7 bn

N13.3 bn

N11.21 bn

N11.26 bn

10 05

“The Federal Government of Nigeria has also shown strong indications to support Infrastructure growth in the coming year. Lafarge Africa will be able to leverage its unique footprint in 2016 with Ashaka returning to growth, ReadyMix securing high volume contracts to support its eight existing, and new plants to be commissioned as well as the new 2.5 million tons cement line due to be commissioned in Mfamosing in half year of 2016,” it said. However, hope of delivering better performance at the end of the current year is evaporating as the company ended the H1 of 2016 with a loss of N30.1 billion, compared with a PAT of N27.3 billion in the corresponding period of 2014. Lafarge Africa had early in July sent a profit warning, saying the impact of the Naira devaluation was expected to be a N28billion unrealised exchange loss arising from United States dollar borrowings. The company said industrial operations were significantly impacted by gas supply shortages in the South West & East Nigeria operations with occasional plant repair works. Cost of sales was reduced from N98 billion to N92.2 billion, while operating expenses declined from N14 billion to N12.2 billion. Other income soared by 278 per cent from N7.6 billion to N28.5 billion. However, net finance cost rose by 158 per cent to N4.6 billion, from N1.8 billion. Coupled with the exchange loss, the company ended the H1 with a loss of N30.1 billion, compared a profit of N27.3 billion in 2015. Commenting on the results, the Chief Executive Officer, Lafarge Africa Plc, Mr. Michel Puchercos said: “In spite of the macroeconomic challenges and market uncertainties, our company will continue to deliver good performance with significant upsides to come as we conclude on the integration journey to form Lafarge Africa Plc. The new organisation is much stronger and better positioned to deliver operational excellence and improve value to our shareholders.” The company explained that during the first half of 2016, Lafarge Africa successfully acquired the balance of 50 per cent ownership stake in United Cement Company Limited (Unicem) and this takes shareholding to 100 per cent. “A N60 billion bond was raised successfully from the debt market, to refinance the Unicem’s Naira denominated debt at a lower interest rate. Given the current exchange rate environment, actions are being implemented to restructure and refinance the USD denominated debt. These loans were largely used to fund the expansion projects which will add an additional 2.5 metric tonnes per annum cement capacity to the current production capacity of UniCem as well as that

N26.9 bn

N33.5 bn

of the group. Lafarge Africa said the second half of the year is anticipated to be more rewarding. “We expect the cement market to be strong mainly driven by the Individual Home Segment with a marginal contribution from the public sector. We expect to benefit from the synergies of our integrated operations, in spite of the gas shortages. Our objective is to deliver innovative and good quality building solutions to meet the specific needs of our customers, while also achieving good value creation for our shareholders,” the company said. Looking at the performance of the company, Cordros Capital Limited said, the company commenced 2016 on a wrong footing, and a change in policy direction by Nigeria’s central bank (CBN) compounded the troubles. According to the analysts, operationally, sales volume declined from the Group’s West and Southern Nigeria plants (accounting for about 82 per cent of Group cement capacity) over H1-2016 on account of gas supply shortages. In addition, the usage of expensive LPFO has increased (at the two plants) in the absence of sufficient gas supply, and combined with relatively weaker selling prices, have resulted in lower revenue and EBITDA YTD. “Externally, the floating of the domestic currency (resulting in +40 per cent devaluation) by the CBN furthered the pressure on Lafarge’s operating costs and bloated the Naira balance of Dollar borrowings. Prior to the devaluation, the balance of Dollar loans had increased by $200 million (to $562 million) on the take-over of the additional 50 per cent of Unicem in May. We reiterate our less optimistic outlook for cement demand as a concern for both Lafarge and the industry. Further out, with north of 20 per cent of the Group’s total operating cost linked to the USD, together with the possibility of longer usage of expensive LPFO in major plants (given the unabating pipeline attacks by militants), we see the gradual recovery in selling prices (as we envisaged) almost futile in mitigating a considerable EBITDA contraction in 2016 (we estimate -49 per cent),” they said. Ashaka Cement Plc Ashaka Cement is a subsidiary of Lafarge Africa Plc and a member of Lafarge Holcim. The company’s performance has been in line with the inclement operating environment, compounded by the security challenges in the northern part of the country. Its revenue has averaged N20 billion in the past five years, while PAT has been an average of N3.3 billion. Its revenue grew from N202.7 billion in 2011 to N21.82 billion in 2012, fell marginally to N21.7 billion in 2013, N21.1 billion in 2014

and further down to N17.4 billion in 2015. PAT that stood at N3.5 billion in 2012 fell to N3.1 billion and further to N2.8 billion. It rose to N4.5 billion and fell to N2.8 billion in 2015. Despite its floundering profit due to political risks, the company has expressed its determination to expand its capacity and move to a more profitable source of power. Addressing shareholders on the 2015 performance, Chairman of AshakaCem Plc, Suleiman Yahyah said the 2015 results were achieved in a challenging global and national economic climate. “We made N2.7 billion as profit after tax in 2015. The climate is currently tough but we are counting on the resilience which saw us through the last quarter to propel us to better results in 2016. We now enjoy a more stable and secure operating environment. We are also well positioned to benefit from the threefold increase of capital expenditure envisaged in the 2016 budget,” he said. He disclosed that there will be diverse efficiency gains from 2016, citing developments and operational initiatives such as the use of lignite from the company’s coal mine at Maiganga, and the planned capacity expansion which will more than double AshakaCem’s output in no distant future. “The coal-fired power plant will not only support the expansion but also contribute to the ‘Star of the North’s social investment in its operating environment by supplying power to the neighbouring communities,” he said. Despite efforts to reduce distribution expenses and finance cost, Ashaka Cement ended H1 of 2016 with a 54 per cent fall in PAT partly due to reduced revenue. The company posted a revenue of N7.668 billion in 2016, down from N10.745 billion in 2015. Distribution and expenses fell from N1.128 billion to N874 million, while finance cost fell from N679 million to N316 million in 2016. Consequently, PAT fell from N3.55 billion to N1.63 billion in 2016. Commenting on the Q2 performance, analysts at FBN Quest estimated that the weak topline in Q2 was driven by a combination of an 11per cent decline in unit volumes to about 0.17million metric tonnes and benign cement prices of around N24,217 per tonne (S$76 per tonne), compared with over N30,000 per tonne in Q2 2015. “We note that in US dollar terms, prices have declined even more (-50 per cent y/y) due to the depreciation of the naira to about N318 per US dollar following the CBN’s adoption of a more flexible exchange rate regime. When annualised and adjusted for seasonality, Ashaka Cement’s H1 2016 PBT tracks behind consensus

2016 PBT forecast of N4.0 billion,” they said. CCNN Plc Cement Company of Northern Nigeria Plc is a subsidiary of one of Nigeria’s leading foods & infrastructure conglomerates, BUA Group. The company has not been isolated from the economic headwinds plaguing other operators in the sector. Its revenue was NN15.787 billion in 2013, N15.119 billion in 2014 before falling to N13.037 billion in 2015. PAT, which was N1.918 billion in 2012, fell to N1.424 billion in 2013, rose to N1.918 billion in 2014. However, it declined to N1.201 billion in 2015. The company’s performance has been affected by political risk occasioned by unrest in CCNN Plc’s business markets. The company ended H1 of 2016 with fall 49 per cent in PAT to N658 million, from N1.303 billion in 2015. The PAT from recorded from a revenue of N6.479 billion in 2016, down from N8.445 billion in 2015. In the opinion of analysts at Cordros Capital Limited, for 2016, CCNN’s dismal performance in the first quarter, which showed a decline of 62 per cent in PAT, already gave an insight on what to expect. “We do not expect a recovery; hence, we look for revenue and PAT declining by five per cent and 59 per cent respectively against 2015. In January this year, acting on hazy guidance from management, we excluded from our model, additional inputs from the 1MTs capacity plan t w h i c h h a d b e e n p ro p o s e d f o r a 2 0 1 8 c o m p l e t i o n . We n o t e d t hat the 3MT/ yr capacity plant (Edo Cement, CCNN’s sister company) commissioned in Edo State by the parent company (BUA Group) last year have raised the suspicion that the Group might have pushed aside plans to add to CCNN’s capacity in the near term,” they said. Although the company had hinted on expansion plans to establish 1.5MT/yr cement capacity plants each in two East Africa countries, nothing has been done in this regard. According to Cordros Capital Limited, going forward, the primary risk for the North-west focused player going forward is in its maxed out capacity which is now faced with forex induced operating cost inflation, inefficient energy, and low head-room for price increase. “These, point to potentially weaker EBITDA. Management stated recently that it is exploring alternative and cheaper sources of energy (preferably coal) that would substitute for the primary usage of LPFO. In the absence of additional capacity, success on this front would appear as the next bright spot in earnings,” they said.

WEDNESDAY AUGUST 17, 2016 T H I S D AY

WEDNESDAY, AUGUST 17, 2016, • T H I S D AY

BUSINESSWORLD

INSURANCE

Contributory Pension Scheme Facing Existential Threat The huge success of the Contributory Pension Scheme is now being challenged by a number of factors, ranging from government to managers of the scheme, writes Ebere Nwoji The contributory Pension Scheme( CPS), established by Pension Reform Act 2004 and amended in 2014, is one government policy, which success and positive impact on the lives of Nigerians has received much commendation. Nigerian workers, see it as government weapon that has successfully conquered the fear of retirement, while retirees see it as the key to stress -free retirement. But in the midst of these celebrations, recent developments in the industry tend towards truncating the success of the scheme, thereby creating fears of another era of hard times for retirees and workers. These developments are partly from government and partly from the scheme managers themselves especially in the area of remittances and full implementation of stipulations of the act establishing the scheme. From government side, failure in remittances of contributors’ money to their Retirement Savings Account (RSA) by both federal and state governments is a major development that if not urgently addressed, would throw spanner into the wheel of the progress recorded by the scheme and will erode public confidence. Recent reports in the media that the federal government, has in the past 11 months, failed to remit its workers’ contributions to their RSAs is a huge source of worry to the workers concerned and to the general public. It is also a signal to workers that they may return to the old order of arrears of unpaid pension and its attendant sufferings on the part of the retirees. Also, the failure by government to transfer its workers’ accrued rights to PenCom for onward transfer to the RSA of workers is another source of worry. The federal government is said to have over N20 billion outstanding Accrued Rights of workers, a situation which has been affecting the smooth running of the scheme and payment of benefits to the workers and pensioners concerned. Chairman, Pension Operators Association of Nigeria (PenOp), Eguarekhide Longe commenting on this during a media retreat organised in Lagos. He said due to economic recession in the country, remittances have gone down, while there is gap in the payment of accrued right. He however said the industry regulator, the National Pension Commission, has been wonderful as far as the accrued rights issue is concerned. According to him, the commission, has tried to ensure that there is integrity in the system, by asking government to transfer its subvention to pay for the accrued rights that has been outstanding . According to him, the commission had said that rather than paying its subvention, government should transfer that subvention to take care of the need of pension industry. But despite PenCom’s offer to government in the Accrued Rights issue, the huge outstanding is still there raising the question on what is delaying government from transferring the commission’s subvention to payment of the Accrued Rights as the commission offered. Although the government mayuse the current economic recession as an excuse, if it can pay subvention to other MDAs, it can as well use PenCom’s portion to provide for the Accrued Rights of workers and pensioners. It has also raised the question on whether the present administration does not believe in the CPS or whether it wants to introduce another pension system into the country. The questions, are there in a presentation made by PenCom to the National Assembly recently, the commission said from 2014 to date, there has been a decline in budgetary provision in funding the Retirement Benefit Bonds Redemption Fund (RBBF) account and the remittance of monthly contribution, adding that

Anohu-Amazu

the sum of N20.07 billion is required to pay all outstanding Accrued Benefits for deceased and mandatory retirees of the federal government for the periods October to December 2015 and the sum of N79.16billion has been computed as the arrears of 15 per cent pension increase owed to 79,961 federal government retirees under the Contributory Pension Scheme (CPS) as at December, 2014. PenCom, in the presentation, said that N50.20billion was provided for the 2016 federal government Budgetary Appropriation for the RBBRF account presented to the National Assembly, compared to the Commission’s projection of N91.91billion, resulting in a shortfall of N41.71billion. Inspenonline, a pension and insurance online medium quoted Longe as recently saying that compliance with regard to remittances of pension contributions from the public sector on both the federal and state levels have lagged notably, stressing that whilst remittances from the federal government through the National Pension Commission (Pencom) were last received for September 2015, some states have outstanding remittances dating back over two years. PenCom on its part said the federal government is yet to commence the implementation of the revised 18 per cent minimum pension contributions for its employees as stipulated under Section 4 of the PRA 2014. The Commission, however admitted that from the inception of the pension reform in 2004, the federal government had been religiously implementing the CPS by payment of monthly contributions of its employees in a dedicated account in the Central Bank of Nigeria, the Contributory Pension Account.

It noted that the federal government, was equally making payment of five per cent of its monthly wage bill into the Retirement Benefits Bond Redemption Fund Account for the payment of the accrued pension rights of its employees who had worked under the old Defined Benefits Scheme and transited to the CPS, until the recent financial crisis, which had hindered its obligations. Aside governments’ remittance failure, another major issue affecting smooth running of the scheme is continued delay, with the same reason year in year out, on the takeoff of the CPS window transfer. This has continued to spell hardship on contributors to the scheme. The situation is now denying contributing workers to the scheme the chances of having their deducted money and those contributed by their employers remitted into their RSA. According to some contributors who are victims of this, the problem is worst with private sector contributors who left their former employer to secure job with another employer only to discover that the name of the Pension Fund Administrator(PFA) they were using while in their former employment was not in the list of PFAs chosen by their present employer. For such a contributors, the problem is that the present employer, cannot accept the Personal Identification Number (PIN) of his or her former PFA to commence the remittance of his RSA to his account since it is not in their new employer’s list. This is despite the fact that the Act permits every contributor to choose any PFA of his choice, but some private sector employers and restricting their employees from exercising this right of choice by choosing

particular PFAs to deal with. Under this circumstance, the option left for the contributor would have been to open new account with one of the PFAs in the list of his or her new employer but PenCom cannot issue two PINs to a single contributor. What this means is that the deducted money from such contributor’s salary will remain with the employer until the PenCom’s transfer window kicks off. Alternatively an employee of Leadway Pensions who spoke to THISDAY on anonymous ground advised such contributors to collect the window transfer form from any of the PFAs of their choice, fill it and submit same and continue to wait for the takeoff of the PenCom’s transfer window so that as soon as it takes off, it will be the duty of pencom to effect the transfer. But the take off time for the transfer window is still elusive and for now, PenCom and PFAs are no longer saying anything in that direction. This according to findings is just but one aspect of hardship faced by contributors on account of delay in the commencement of the transfer window, diverse problems faced by contributors on account of the delay abound making contributors to express worry over the delay. THISDAY, recalls that PenCom, under its former management led by Muhammad Ahmad, had in 2012, informed contributors that the commission was at the verge of introducing a software application window that would enable seamless transfer of RSAs from one PFA to another by savers who may wish to explore the window. Continued on page 35

WEDNESDAY AUGUST 17, 2016 T H I S D AY

WEDNESDAY, AUGUST 10, 2016, • T H I S D AY

BUSINESSWORLD

ANALYSIS

CONTRIBUTORY PENSION SCHEME FACING EXISTENTIAL THREAT the window. The then PenCom management had said that the estimated date for the opening of the transfer window was December 2012. “Employees who are dissatisfied with the services being rendered to them by their Pension Fund Administrator (PFAs) will have the opportunity to transfer their RSAs from one PFA to another PFA beginning from December 2012. This is in accordance with Section 11(2) of the Pension Act which provides that the employee may, not more than once in a year; transfer his RSA from one PFA to another PFA without adducing any reason for such transfer”, Ahmad stated. As at the time Ahmad gave this assurance, some contributors were already expressing dissatisfaction with their PFAS agitating for opportunity to migrate to other PFAs although the then Chairman of Pension Fund Operators (PenOp) Mr. Dave Uduanu, had cautioned that contributors should be patient and restrain from much pressure on the transfer explaining that the problem they were experiencing with one PFA that made them want to migrate to another may be worse in the new administrator they were agitating to migrate to. In some quarters, the delay in the transfer window commencement is making some group of workers to regret contributing to the scheme and is seriously eroding their confidence in the scheme. On the reason for the delay, PenCom, had always explained that one of the reasons the transfer window had not taken off is that it was yet to conclude works on the supporting Information and Technology (IT) applications of the transfer window which will enable pension contributors change their administrators. The commission, few years back informed that the framework has been issued to operators for implementation, and that work is still ongoing on the supporting information and technology application that would drive the initiative. To ensure seamless operation of the initiative, PenCom said it had mandated PFAs and Pension Fund Custodians (PFCs) to deploy IT infrastructure for the transfer process. It noted that such IT infrastructure must have adequate storage and retrieval capability for a period of 10 years. PenCom said: “Every PFA / PFC shall be

required to achieve and maintain an IT infrastructural level as prescribed by the Commission in section 3.0 of the guidelines for the operations of Pension Fund Administrators. “In addition to the IT requirements, operators must have automated fingerprint capturing equipment for capturing fingerprints (PFAs); Automated Document Management System for the transfer of RSA holder’s documents between the PFAs and the RSA Transfer Clearing System (PFAs & PFCs). It added: “Every PFA / PFC official shall abide by the Code of Ethics and Business Practices issued by the Commission and respect the confidentiality of sensitive information relating to the transfer process.” On the delay, Managing Director Leadway Pensions, Mrs. Ronke Adedeji said a lot of work is being done even up to date. She however said the transfer window was quite a complex exercise, adding that on the face, it always appears very simple and that People always say, “I want to change my PFA and move from A to B,’ but that its complex from the perspective that when you are moving an account from one PFA to another, certain processes need to take place and the major one is the identification process. “We want to make sure that when you are transferring account from one entity to the other, you are

May & Baker Records Revenue, Profit Growth in Half- year Goddy Egene May & Baker Nigeria Plc has sustained its positive performance despite the inclement operating environment, recording profit after tax (PAT) of N30.09 million for the half year ended June 30, 2016. Details of the results showed that May & Baker recorded a turnover of N3.70 billion, showing an increase of nine per cent above the N29.7 billion in the corresponding period of 2015. The company continued to benefit from management’s focus on overall operational efficiency. For instance, while administrative expenses rose on the back of the high inflation from N263.45 million to N309.48 million; distribution, sales and marketing expenses dropped by 12.4 per cent from N583.20 million to N510.84 million. In all, total operating expenses declined to N820.31 million in 2016 as against N846.65 million in 2015, while finance costs reduced from N284.38 million to N255.80 million. Consequently, profit before tax rose to N44.25 million,

up from N43.73 million recorded in comparable period of 2015, while PAT increased from N29.73 million to N30.09 million. Earnings per share thus improved from 3.03 kobo in 2015 to 3.07 kobo in 2016. Market analysts said the performance has raised the prospects of good returns in the ongoing business year. The company had increased total dividend payout by 20 per cent to N58.8 million, for the 2015 business year compared to what it paid for 2014 business year. Managing Director, May & Baker N i g e r i a P l c , M r. Nnamdi Okafor, had told shareholders at the 2016 an n u al g e n e ra l m e et ing (AGM) that management would remain focused on i m p r o v i n g t h e p e r f o rm a n c e o f t h e c o m p a ny in spite of the challenges i n t h e m a c r o e c o n o m y. He assured that the c o m p a ny w i l l r e m a i n focused on its long-term goal of building a virile and diversified business that can ensure good c o m p e t i tive long-term returns to the shareholders.

transferring correctly and that you are not transferring somebody else’s account simply because they have common names. She added: “The issue of biometrics is very key. As such, the identification process to ensure that the transfer is secured and correct has to take place. In Nigeria, we really haven’t sorted out identification, but in more developed parts of the world, identification is quite simple and straightforward. So a major criterion for us is biometrics.” But it has been discovered that while the commission and the operators are waiting for dotting of ‘Ts’ and ‘Is’ for perfection to be achieved in the transfer window exercise, contributors who want the change are becoming impatient and worried and would want the commission to quicken steps in the whole process. Some have argued that since the issue of window transfer has been there in the act establishing PenComand PFAs, failure to have gotten the process right to kick off the transfer 12 years down the line is a sign of gross incompetent on the side of PenCom and PFAs.

Sterling Bank Launches Diaspora Services In line with its enriching life mantra and plan to extend its unique banking services abroad, Sterling Bank Plc over the weekend, announced the launch of the Sterling Diaspora Services for Nigerians based outside the shores of the count ry. The bank’s Group Head, Strategy & Communicat ions, Mr. Shina At ilola in a st at em ent said all N ig erians living abroad wit h local and direct ties in Nigeria would be encourag ed t o em brace t he services. We will also ensure that businesses owned by N ig erians and Associations abroad make use of t he services” t he bank ’s chief strategist added in t he release. He disclosed that the bank was in discussions with various Nigerian communities abroad for business collaboration in the area of customer acquisition, management and retention. Atilola added: “It will be recalled that the World Bank recently put the estimate of Nigerians in the Diaspora

at 20 million who remitted an estimated $21 Billion in 2015. This provides a platform for proactive financial institutions like Sterling Bank to tap into the business opportunity available out side the shores of t he count ry. “This will give millions of Nigerians abroad access t o t he services t hrough online and electronic channels. Sterling Bank has continued to demonstrate its unwavering commitment and passion for Retail Banking over the years through its continued investments in the areas of capacity building, product development for superior customer experience and provision of technology infrastructure to harness the vast potentials in that segment.” Specifically, the bank stated that it had built its retail banking strategies around people, processes, products and technology with strong emphasis on differentiation. This is to enable it navigate the current changing tides of retail banking and in the process turn its customers to advocates.

Meanwhile, some PFAs are afraid that the opening of the transfer window may spell doom for their operations. They are indeed afraid that there may be mass exit of contributors from smaller PFAs to bigger ones like IBTC pensions. From findings, it was discovered that when the contributory pension scheme started and PFAs went into marketing of their firms, some organisations chose some PFAs on sympathy ground just for the sake of patronage. Also some organisations, before choosing PFAs for their employees have not tested the performance of PFAs before as a result, they just chose randomly among a number of PFAs that submitted their proposal forms to them. Having experimented with such PFAs these years, the contributory Pension scheme has lasted, some of these organisations have seen some pitfalls of such PFAs and have made up their minds for a change. For such organisations, there are fears that as soon as the transfer window takes off, such organisation may open door of change for their employees and their PFA of first choice will have serious problem. A major stake holder in the contributory pension scheme has predicted that with the commencement of the transfer window, the system may witness the existence of one or two big PFAs as contributors may prefer to deal with such big administrators there by starving others which may eventually lead to their demise. These call for serious brainstorming by both PenCom and the PFAs to ensure that not only effective transfer is achieved but also that continuity of the existing firms is maintained. The demise of more PFAs in addition to few that died during the recapitalisation exercise will not be to the best interest of the economy as such PFAs will throw back their employees to the labour field. PenCom should not only quicken steps in making the transfer window work, should handle the transfer window in such a way that will not spell doom to small and medium scale PFAs and ensure that such PFAs whose clients are complaining perfect their operations to be in position to satisfy their clients and compel them to remain with them.

OdooSME ERP Solution Launched to Boost SME Growth Emma Okonji A new software solution has been developed and launched into the market, designed to support the business growth Small and Medium Enterprises (SMEs) and to revolutionise the way small businesses are done in Nigeria. The solution, known as OdooSME, was developed by Matt O’ Bell Limited, with all the features of Enterprise Resource Planning (ERP), but at reduced price of N500 per user per month for each module in a particular plan. Announcing the solution at a media launch in Lagos recently, the Managing Director and Chief Executive of Matt O’ Bell Ltd, Mr. Dare Ojo-Bello, said:“OdooSME is a robust ERP software developed for SMEs. It is simply a business application that allows SMEs to run their businesses more transparently, efficiently and ultimately helping them improve productivity and profitability.” OdooSME was developed from Odoo software application that was initiated over 11 years ago for big corporate organisations, with the aim of providing SMEs with the same

technology tools that has helped the efficiency and productivity of big companies across the world. ERP solution is a single database that integrates all the functions and strategic business units of an organisation. It helps in better coordination among entities, business units and operations, administration and enforcement of control and business processes, delivery of accurate and real time financial reports and much more. It is on this same ERP platform that OdooSME was established, to provide the same features for the smooth running of SME business in Nigeria, but at a much discounted rate. OdooSME is a suit of Odoo modules delivered as a Subscription-as-a-Service (SaaS) solution to SMEs. Modules available include: Accounting, Budgeting, Fixed Assets, Account Receivable, Account Payable, General Ledger, Sales, Purchase, Inventory, CRM, POS, HR/Payroll, Project Management, Manufacturing, e-commerce, Website Builder, Document Management, Instant Messaging, among others. “By integrating all of these modules into single software, OdooSME is more of a communication tool amongst users,” Ojo-Bello said.

T H I S D AY • WEDNESDAY, AUGUST 17, 2016

EDUCATION Focussing on Quality Tertiary Education Upon his assumption of office as the Executive Secretary of the National Universities Commission, Professor Abubakar Adamu Rasheed has concerned himself with resuscitating UNESCO professorial chairs in some Nigerian universities to promote best practices, he recently met with representatives of the organisation, as well as officials of the National Open University of Nigeria to tackle the challenges of open and distance learning in the country. Uchechukwu Nnaike reports Out of the seven UNESCO professorial chairs established in Nigerian universities since 1990, only two are still being held by Nigeria, while five were closed down in 2014 for ‘non-performance’. However, the story is about to change following a recent meeting of the newly appointed Executive Secretary of the National Universities Commission (NUC), Professor Abubakar Adamu with the Director-General (DG), UNESCO, Mrs. Irina Bokova who visited the country. Rasheed, who called for an urgent collaborative effort between the NUC and UNESCO in resuscitating the five UNESCO professorial chairs in Nigerian universities, expressed hope that the DG’s visit would initiate the process of reviving the closed chairs. Speaking at a reception organised by the National Open University of Nigeria (NOUN) in honour of Bokova, he stated that the Nigerian higher education sector is currently undergoing positive changes and pledged that with better understanding, awareness and with many new opportunities, the UNESCO chairs when revived would not be allowed to underperform again. The five chairs that were closed down were: UNESCO Chair on the Use of Technologies in Adult and Non-formal Education at the University L-R: The Nigerian Permanent Delegate to UNESCO, Mrs. Mariam Katagum; Executive Secretary, NUC, Prof. Abubakar Rasheed; Vice-Chancellor, NOUN, Prof. of Ibadan; UNESCO Chair in Open and Distance Abdalla Uba Adamu; and the Director General of UNESCO, Mrs. Irina Bokova, at the reception in her honour… recently Education at NOUN; the UNESCO Chair in On the challenge of NOUN graduates and Information Technology at Modibbo Adama was a home coming, considering the nature of Consequently, we request UNESCO’s assistance University of Technology, Yola; UNESCO Chair partnership, mutual understanding and respect in projecting and spreading the gospel of ODL further education in other universities, the in Earth Sciences and Geo-resources Engineering that had long existed between both parties. He as a veritable tool for university education in vice-chancellor expressed dismay that they are denied placements for postgraduate studies at Management; and the UNESCO-GEIFON Chair informed the visitor that the university is the first the 21st century.” Meanwhile, Adamu has appealed to the master’s and doctoral levels when most of the in Environmental Sciences both at the University single mode, ODL University in the whole of of Benin. West African sub-region, adding that the record executive secretary of NUC to intervene in four instructors of these students were drawn from The two functional chairs are the UNESCO puts the institution at the forefront of projecting lingering challenges confronting the university the same Nigerian university system. He argued that the students are offered postChair in Alternative Energy at the Kwara State the gospel of open and distance learning, not that require urgent solution to put the institution University, Malete and the UNESCO Chair in only to Nigerians, but also the rest of West Africa. on the right path to delivering quality university graduate admissions into prestigious universities abroad where they excel and questioned the basis Mathematics at the National Mathematical Centre. Adamu observed that NOUN had been education in the country. They are: NOUN and National Youth Service for the discrimination in their country. He also Rasheed said since joining UNESCO in 1960, a silent, but steady response to the onerous Nigeria had been working harmoniously and challenge which providence had placed on it. Corps (NYSC) scheme for its graduates; Council appealed to the NUC to prevail on Nigerian in mutually beneficial relationships in all major “We have effectively surmounted the cynicism for Legal Education (CLE) and NOUN Law universities to desist from such practice against areas of the organisation, adding that UNESCO of the 80s that led to the total suspension of all graduates; NOUN graduates and advanced its graduates. On NOUN’s Nursing Science students, Adamu is a “laboratory of ideas within which it defines our academics activities, to being regarded as degrees in other universities; as well as NOUN’s explained that the challenge of ODL lies in emerging problems and the attendant solutions.” the only mega university in Africa, following Nursing sciences and practical experiences. He said it is ironic for a university that is clinical/practical courses requiring real-time He said UNESCO also serves as a clearing house our resuscitation in 2002. Within a space of 14 on international best practices thereby acting as years, our student population has risen from nationalistic in its outlook and programmes to skills acquisition and competencies in specific catalyst for stimulating international cooperation less than 2,000 to about 270,000 active students.” be excluded from participation in the NYSC learning domains. This he said poses a challenge in education by ensuring that innovations in the The vice-chancellor explained that, with the scheme, adding that the desire of its graduates is for nursing that requires extensive laboratory sector reflected its goals and principles. university’s improvement, its target still remains to participate fully in the scheme and contribute experience. Recognising this fact, he said NOUN is striving to ensure that students acquire the He told the director general and her team that to reach the unreached; to expand access to their quota to the development of the nation. He sought the intervention of the NUC to practical experiences through regional laboratories Nigeria now has 143 universities made up of university education; and to plant the seeds of 40 federal, 43 state and 60 private universities, open and distance education in all the nooks enable the NYSC to accept graduates to take and signing of MoUs with existing teaching hospitals and universities. He therefore sought and that soon the country may license a private and crannies of the country. He disclosed that part in the scheme. On the refusal of the CLE to admit NOUN’s NUC’s support to facilitate the use of university open university. NOUN, which offers unmatched flexibility to “Incidentally this morning I received a prospec- students, has established study centres in 78 Law graduates into the Nigerian Law School, the and hospital laboratories around its centres on tive proprietor for the proposed private open locations within Nigeria, adding that despite vice-chancellor said it was all about the perception MoU basis for the training of its science and university in my office before coming here.” the challenge of dwindling resources that the of the mode of instruction of the university’s other clinical-based students. Responding, Rasheed stated that his last place The executive secretary recalled the World university is facing presently, NOUN is continu- programmes, which he said are wrongly interpreted Conference on Higher Education in 1998 where ously receiving requests from communities whose as ‘correspondence’ or ‘part-time’, or both, thereby of assignment was NOUN, which he joined in far reaching and revolutionary declarations were thirst for higher education had been impeded by excluding its students from participating in the November 2015 on Sabbatical, adding that he is therefore conversant with the issues raised made and assured the delegation that Nigeria the limited access in conventional universities. Law School programme. He told the executive secretary that the percep- by the Institution. is doing everything possible to realise the full Adamu listed the achievements of the university On the NYSC scheme, the he argued that while extent of the declarations. to include the establishment of special study tion was at variance with the prevalent global Rasheed also promised that the NUC would centres within the Nigerian Prisons, which he understanding of NOUN’s mode of instruction, many of NOUN graduates may not qualify for partner MDAs to achieve the objectives of the said demonstrated its desire to provide a mode of adding that the university had repeatedly drawn the scheme on account of age, “even if only one Millennium Development Goals (MDGs) driven education that transcends all barriers, in addition the attention of stakeholders to the fact that of them is below the age of 30, it would be fair by UNESCO. to the 100 per cent fee waiver to all qualified it is an open and distance learning and not a that the person is not denied the opportunity to participate in the scheme. part-time or correspondence institution. Responding, Bokova thanked the executive prison inmates who registered as students. He promised that the NUC management would Adamu explained that NOUN is only one secretary, NUC and the vice-chancellor of NOUN He added that the institution also established for their passion and commitment and their centres for skills acquisition to develop the skills of the large networks of institutions all over discuss the matter with the NYSC and get back efforts to reach the underserved to ensure an of artisans, explaining that under the scheme, the world providing accessible, affordable and to the university, adding that in the current digital inclusive society. She commended NOUN for fully students have been trained on a number of trades equitable education to millions of people, who age, people should come to terms with the fact implementing UNESCO goal four on Inclusive, like bead making, confectionery, bricklaying, due to their peculair circumstances work and that ODL holds the future of tertiary education. He observed that IT revolution has changed learn at the same time. Quality Education and Lifelong Learning. driving, phone repairs, among others. He added that the university had accepted the world and Nigerians must embrace this Bokova assured them that UNESCO would The vice-chancellor explained that the challenge like to have more chairs in Nigerian universities NOUN faces is that the public is not sure and NUC’s recommendation to halt admission into revolution in tertiary education delivery. The executive secretary expressed surprise at and “expand the network,” saying that higher not quite informed of the gains and validity of the programme, while efforts are being made to address the matter with the CLE and called the discrimination against NOUN graduates by education holds the key to the realisatinon of open and distance education. UNESCO’s goals and objectives. “To most of our citizens, ODL as a mode of on the commission to prevail on the CLE to other universities across the country, saying that In his address, the Vice-Chancellor of NOUN, instructional delivery remains a suspect. This understand NOUN’s peculiarities and accept they are qualified to be admitted for postgraduate Professor Abdalla Uba Adamu, said the DG’s visit places advocacy at the front burner of our needs. its graduates for admission into the Law School. studies once they could fit in.

T H I S D AY • WEDNESDAY, AUGUST 17, 2016

EDUCATION

‘Improper Implementation of Policy, Cause of Basic Education Decline’

Adedayo Akinwale in Abuja

Lack of proper implementation of education policies has been identified as one of the factors contributing to the decline of basic education in the country. The Director, Al-Hikma International School, Alhaji

Abdulrazzaq Ahmad, disclosed this in Abuja during the third graduation ceremony and seventh speech and prize giving day of the school. Ahmad, who was represented by the Principal, Hustaz Salawudeen, regretted that policy makers in most cases make

policies without going to the field to see how they could be properly implemented. “There are many factors that caused the dilapidation of the education sector in Nigeria; the first is lack of infractuctural facilities and if there is inadequate infrastructure, even

if you have good resource persons, the environment that is not conducive will jeopardise their activities. He also expressed concern over the dearth of qualitative and well equipped teachers that can impart knowledge in students, adding that lack of basic

amenities such as electricity, water and other things also contribute to the retardation of education. The director stressed that poor renumeration of teachers which he said is pivotal to allow effective learning also contributes immensely to the

decline in the sector, adding the school is different from others because of its facilities which he said is second to none as far as the school is concerned, as well as the staff that are well equipped in terms of current methodologies of imparting knowledge to the students.

Lagos Regulates Tutorials/ Continuing Education Centres Peace Obi The Lagos State Ministry of Education as part of its commitment to regulate various segments and activities in the education sector has directed operators of tutorial/continuing education centres in the state to register with the ministry’s Agency for Mass Education. It said the registration took effect from September 2015 when it distributed demand notice to the tutorial centres, adding that the commencement of the closure of all unregistered tutorial centres in the state will start on September 19, 2016. According to the Special Adviser to the Governor on Education, Mr. Obafela Bank-Olemoh, the Akinwunmi Ambod-led government would do all in its power to improve the quality of education in the state. “As a government, we must set standards across board and ensure they are met. These centres serve the needs of many Lagosians and we are committed to ensure that high quality of service is delivered.” The registration which is said to be in line with the Lagos State Agency for Mass Education Edict 1990, Section 4 (2, 3) that mandates the agency to control activities

of all continuing education/ tutorial centres in the state is to ensure compliance with the set standards by all operators. According to the statement from the special adviser’s office, the minimum standards require that the centres must have qualified instructors/ teachers. It must also be conducive for learning with safety duly observed, clean conveniences and up-to-date record keeping system. Stressing that the commitment to upholding high standards should be a collective effort among all stakeholders, including government agencies, management of tutorial centres and relevant associations, Bank-Olemoh said even parents of students who patronise the centres should also join in the efforts. Disclosing some of the steps taken by the state ministry of education to carry operators along in the process, he said, “over the past one year, series of meetings were held between some of the relevant bodies including the Association of Tutorial School Operators (ATCSO) and the Agency for Mass Education, and it was concluded that: all continuing education/tutorial centres should be registered with the agency.”

Okebukola, Faborode, Others to Lead Summit on Admission Ahead of the 2016/2017 academic session in tertiary institutions, the Education Writers’ Association of Nigeria (EWAN), a professional body of journalists in the print, broadcast and online media will hold a stakeholders’ summit in Lagos this month. Experts expected at the summit aimed at addressing the controversies trailing the admission processes, include a former Executive Secretary of the National Universities Commission (NUC), Prof. Peter Okebukola; the Secretary General of the Association of Vice-Chancellors of Nigerian Universities (AVCNU), Prof. Michael Faborode; a former Minister of Education, Prof. Chinwe Obaji, among others. The summit with theme ‘Integrity of Public Examinations and Admission in Nigeria,’ which will be presided over

by the Minister of Education, Mallam Adamu Adamu, will be hosted by the Vice-Chancellor, University of Lagos (UNILAG), Prof. Rahamon Bello. It will feature presentations by other concerned stakeholders including the leaderships of the academic and non-academic staff unions in the universities, polytechnics and colleges of education, and the heads of the major examination bodies in the country: the Joint Admissions and Matriculation Board (JAMB), the West African Examinations Council (WAEC) and the National Examinations Council (NECO). The Chairman of the Organising Committee and Education Editor of New Telegraph Newspaper, Mr. Kayode Olanrewaju, said the theme has been chosen to suit the prevailing circumstance in the sector.

FORGING PARTNERSHIP

L-R:The Foreign Affairs Officer, Wei Lun; Foreign Department and International Cooperation expert, Jackie Wang; Director and Administrator, Grace School, Gbagada, Lagos, Mrs. Tokunbo Edun; the Principal, Heifei World Language School, Shao Zhongde; and a Chinese expert and Laison Officer, Dr. Banwo Adetoro, during an exchange programme trip between both schools in China… recently

Integrate Agriculture into Education, Govt Told Peace Obi Given the current economic realities and the need to diversify the nation’s economy, provide job for Nigeria’s teeming population and attain sufficiency in food production, the former Vice-Chancellor of the University of Lagos, Professor Oye Ibidapo-Obe has advised governments to see agriculture as the next area to shore up the economy. The university don who was the chairman at a recently held International Conference on Agriculture by the Centre for Values in Leadership in Lagos, told THISDAY that the integration of agriculture into the country’s tertiary education

curriculum should be a major transformation the sector should experience. “That is our next area to look at to shore up our economy and it is so important. It has become a major area of our transformation within the education sector. One of the things we must do is to ensure that higher institutions integrate agriculture in their curriculum.” Suggesting some of the practical ways to implement the integration, he said schools should consider introducing agriculture as a course in general studies. “In fact it is so important that we should even be looking at a General African Study. It is no point having these knowledge and

then you can’t translate it to something. “It must be incorporated into the general studies in a more practical way. Rather than spending our time teaching them English Language and computer science, these are skills they can pick up on their own.” Ibidapo-Obe stressed the need for the government and educational institutions in the country to revive agriculture and position it as a sector with huge potential for entrepreneurship, food sufficiency and economic recovery. “What has happened in the past is that the returns on agriculture are so poor that we don’t want to do it. To encourage youths to embrace

agriculture, we need to revisit the issue of commodity boards; a board that will guarantee the sale of products from agric. “Let us ensure that everybody does agriculture; let us make sure that every weekend people go to their farms. That is the way it should be, that is how it was done during our time and it worked.” Stating that funding should not be an impediment in the implementation process, he said what institutions need most is the land. According to him, if properly implemented, other things will fall into shape. “If it is done properly, once the land is there and then the demarcation, all the other things can be done.

University of Roehampton Celebrates Online Graduates It was a memorable occasion for the newest graduates of the University of Roehampton, London Online HYPERLINK “https://online.roehampton. ac.uk/”programmes as they recently gathered from all parts of the world with their families and friends to celebrate their graduation at the Royal Festival Hall in London. The graduates have earned degrees from the MBA and MSc in Project Management programmes, and there were several others who were the first to earn the university’s online MSc in Information Systems Management. Together with the first online graduates who participated in the February 2016 ceremony, they comprise the inaugural 2016 graduating cohort.

According to the ViceChancellor, Professor Paul O’Prey, “the University of Roehampton, through our colleges, has a long tradition of providing higher education lasting 175 years. We are committed to expanding access to education, ensuring that all of our students become the kind of graduates that employers value. “We introduced online master’s programmes in 2012 in order to provide the opportunity to gain a Roehampton degree to a wider range of students from across the world. We are delighted to see so many of our online students graduate this year.” The online graduates had the option to attend the ceremony in person and graduate with the university’s campus-based students at the

Royal Festival Hall in the heart of London’s South Bank Arts and Cultural Quarter. One of the graduands, Oluchi Anih, an MSc in Information Systems Management graduate from Abuja, Nigeria, who attended the ceremony and events with her family said: “Having worked in the financial sector for nine years, I consider the Nigerian banking industry to be one of the most technologically driven sectors in the country. “I chose Roehampton’s online programme because I wanted to develop my managerial competencies and be able to make strategic decisions that would support my organisation through using innovative technology.” “Since beginning my degree I have been promoted, and re-

cently I received a commendation from management, so my efforts have paid off more than I could have imagined.” Currently, students from more than 150 countries study online with the university. Designed for adult learners, the fully online learning model delivers contemporary online programmes reflecting the world in which its students live and work. Through these programmes, students gain the critical thinking skills and practical knowledge they need to expand their expertise and advance their careers. Roehampton Online offers a portfolio of online master’s degrees in areas of study including business and management, psychology, public administration, public health, education and theology.

T H I S D AY • WEDNESDAY, AUGUST 17, 2016

EDUCATION

Olashore Advises FG on Education, New UK Immigration Rules The Chairman Board of Governors, Olashore International School, Osun State, Abimbola Olashore, has stated that the recent withdrawal of the United Kingdom (UK) from the European Union (EU) presents a huge opportunity for Nigeria to improve its quality of education and to meet a growing education need, both in quality and quantity. Olashore, who made this known at an interactive session with journalists in Lagos recently, also called on the federal government and stakeholders in the education sector to up their games in the area of education. Speaking based on statistics from the UK Council for International Students Affairs, he said Nigeria is the third top non-European country with the highest population of foreign students in the UK with high enrolment between 2014 and 2015. He said the new immigration visa rules stipulates that immigrants on skilled worker visas (Tier two visas) from nonEuropean countries, including Nigeria, earn at least £35,000 (N9.5 million) per annum or face deportation. This he said presents a tough scenario for many, adding that with the current high exchange rate, it is time to look inwards.” “In the light of this, I want to implore the Nigeria government to up her game

in the area of education and invest long lasting infrastructure. We at Olashore School have also engaged in series of activities to improve the standard of education given to the students. “We ensure academic excellence, nurture children to their full potential and developing them for the 21st century leadership. At Olashore, our aim is to provide education comparable to the best in the world, blending academics with discipline, strong value system and real life skills.” The chairman explained that most of the youths are beginning to take up entrepreneurial skills, adding, “the way the country is going now, most people are going to work for themselves. Jobs might be on the increase, but more and more of the population will work for themselves so what is more important are things that have to do with entrepreneurial skills in addition to the technical ones. “More than ever before, the degree that is most relevant now is the degree of creativity. So the education of tomorrow is about teaching life success skills and better preparing students for the challenges that lie ahead.” In his remarks, the Principal, Mr. Derek Smith, confessed that the current Nigeria education system fashioned after the British prototype needs to be further fine-tuned

to meet the practical challenges of modern day labour market. “The over 150-year-old British education system was designed at inception to prepare graduates for civil service jobs, but such civil service-focused curriculum needs to be further advanced. To this end, Olashore School was founded with a unique vision of drilling its students who are usually between 10 and 16 for self-reliance and dynamic leadership. “Developing all round global leaders for the 21st century is at the core of what we do at the school. Leadership has always been at the heart of the school and as Nigeria continues to grow and change, it is vital that young leaders are developed with sound moral values, a strong academic background and the full set of competence to be successful in the 21st century.” Smith said the school has been recognised for its outstanding educational programmes which are backed by strong policies to ensure that children are kept safe and secure all the time. The schools received series of awards like the British Council International Schools Award, Osun State Award, among others. Recently, the Council of British International School (COBIS) inducted the school for its outstanding performance, its integration of international work into its curriculum and its successful work with GL Education.

MENTORING YOUTHS

Seated left to right: The Executive Director, Junior Achievement Nigeria (JAN), Efua Edeh; the VP Area Business Head, MasterCard West Africa, Omokehinde Adebanjo; a consultant with Access Bank, Osayi Alile; and the Managing Director, HOD Consulting, Simi Nwogugu, with 50 beneficiaries of JAN’s sixth Leadership, Empowerment, Achievement and Development (LEAD) Camp after a panel discussion on women creating change… recently

Ministry Canvasses Employment Generation for Epe Youths Funmi Ogundare The Lagos State Ministry of Wealth Creation and Employment recently held stakeholders’ forum and interactive session aimed at reducing the unemployment rate among the youths and creating wealth for Lagosians. The fourth edition of the programme, held in Epe Local Government Area is also designed to carry the relevant stakeholders along in achieving the goal of wealth creation and job opportunity of the state government. In his remarks, the Commissioner, Mr. Babatunde Durosimi-Etti, said his ministry has been creating an enabling environment with the private sector to see how employment can be generated, adding that the youths need a mindset orientation. He said the state government

has provided five job placement centres where they can always register and access information, saying “we are working on an interactive website where opportunities will be available to Lagosians. There will be training opportunity available and links to our job searches.” He stated that the ministry would hold an interactive session with the youths to see how they can work better to end the scourge of unemployment, adding that there would also be an internship opportunity where employers can access them based on recommendation. Durosinmi-Etti, who emphasised on vocational training for artisans, said there is an incubator in Epe where they can also go, pay a token and learn a skill without having to go to the roadside. “We are looking at a situation where they will no longer be on

the roadside, where there will be power supply. We want to ensure that they have the best in a comfortable environment. It gives everybody the opportunity to learn skills,” he said, while enjoining them to start building up cooperatives so that they can access funds. “It is only when you have credibility that you will be able to access funds through the Employment Trust Fund (ETF).” The Permanent Secretary in the ministry, Mr. Abdul-Ahmed Mustapha, said aside empowering the unemployed, the state government plans to provide a platform for skilled artisans to work and earn a decent living without being hampered by unavailability of workshops or tools. “Incubation centres will be built to render assistance to our young entrepreneurs by providing necessary tools and

equipment to aid their businesses at a token.” He said the provision at the centre will offer a viable platform for the artisan to compete favourably with their counterparts in their chosen skill. The programme witnessed presentations by organisations that have partnered the government to offer employment to the youths. A representative of Service City, Mr. Femi Ogunsehinde, described the issue of employability as drastic that needs urgent attention. “Graduates are not job-ready, not that they are not employable, but once we understand what you are trying to achieve, we work with you.” A representative of JobRed, Mr. Tunji Adebayo, expressed concern that many graduates cannot prepare their CV appropriately, saying that they don’t have email addresses and they still state their religion on it.

...And the Greatest Sustenance is... Niacin? Might well be, but “what is Niacin?” you might ask. In case you’ve noticed, my last two published articles have been “foodie” in nature. They have discussed two B-Vitamins of the eight vitamin B Complex family. This is a deliberate move to veer, at times, into teaching you some economical ways to address your wellbeing. “Health is wealth”! You can only work (maximally) when you’ve got the health to. Having looked at Vitamin B1 and B2, the third vitamin I am projecting today is Vitamin B3. Firstly though, have you started noticing how the different vitamins are naturally occurring in the same foods? What does this mean to you? Are you seeing, like I do, that all foods are perhaps important after all? Vitamin B3 occurs naturally in many foods which include: meat, green vegetables, eggs, poultry, fish, yeast, milk and beans. Also many food commodities are fortified with vitamin B3 during their making. We all require the vitamin B3 substance in our foods for optimal body functions. Furthermore, vitamin B3 can also be contained in many vitamin B Complex supplements off the shelf in good medicine shops or departmental stores. Vitamin B3 occurs in two forms namely Niamin and Niacinamide. Can I quickly say that both of these forms can be found contained in many vitamin B complex supplements. Apart from joining forces with the other B vitamins to help your body generate its energy, metabolise fats and proteins and maintain your immune system, vitamin B3 does some specialized things. The Niacin form of vitamin B3, in simple terms, looks out for your heart. As a prescription medication Niacin may occur in a higher level or dose, than how you’d find it occurring in food or general supplement. Doctors prescribe Niacin along with other medications to control high cholesterol. Scientific proofs reveal that it supports the levels of good cholesterol, lowers triglycerides (a certain type of fats in your blood) whilst also lowering bad cholesterol. Doctors use Niacin to manage people experiencing heart disease. Niacin has a combatant effect on clots. It helps to reduce the hardening of the arteries in atherosclerosis plus it lowers the chances of people having a second heart attack. Furthermore, Doctors use Niacin to treat oedema, circulation problems, migraine, dizziness and cholera. It’s been suggested that Niacin might be effective for reducing the incidence of Alzheimer ’s disease, cataract, osteoarthritis, as well as Type I diabetes. Only doctors should be advising you on how much Niacin you need to take for the treatment of the medical conditions described above. This is because higher amounts of Niacin are needed to improve the symptoms of these ailments. Attempting to self-medicate with Niacin could result in liver damage, glucose intolerance and gastrointestinal problems. Please consult your doctor if you feel you need Niacin or how much you should be taking. Niacinamide is used in the treatment of diabetes. It is also used to treat some skin conditions. For a skin condition known as Inflammatory Acne Vulgaris, Niacinamide is applied to the skin. In summary, vitamin B3 is great for preventing vitamin B3 deficiency which shows up in people with poor diets and in alcoholics. Vitamin B3 is prescribed along with other medications to treat conditions like: schizophrenia, Alzheimer’s disease, depression, motion sickness, hallucinations due to drug addictions, alcohol dependence, acne, oedema, loss of thinking skills due to aging and certain slow-growing tumours. Have you begun to knowledgeably make-up your own meals so that they are well-balanced in nutrients like: carbohydrates, proteins, fats, minerals, vitamins and of course water? Omoru writes from the UK

T H I S D AY • WEDNESDAY, AUGUST 17, 2016

EDUCATION

Okojie Returns to FUNAAB amidst Pomp The immediate past Executive Secretary of the National Universities Commission, Professor Julius Okojie recently returned to the Federal University of Agriculture, Abeokuta, which he left on August 31, 2001 at the end of his tenure as vice-chancellor. The ‘home-coming’, as it was termed, was eventful and emotional as many recounted the experiences of the better part of two decades ago. Uchechukwu Nnaike reports The immediate past Executive Secretary of the National Universities Commission (NUC), Professor Julius Okojie, added more feathers to his cap of ‘firsts’ and ‘seconds’ when he returned to the Federal University of Agriculture, Abeokuta (FUNAAB), Ogun State on August 3, 2016. The date was significant in more ways than one. It was exactly 10 years before (August 3, 2006) that he took over from Professor Peter Okebukola as executive secretary of the NUC. Having handed over to the Deputy Executive Secretary I, Professor Chiedu Mafiana two days earlier, Okojie was received by the FUNAAB community at an elaborate ceremony, going down in the history of the university as the date a former vice-chancellor returned there for the first time. As various speakers would later note in the course of the ‘welcome reception’, Okojie, the first Vice-Chancellor of the Bells University, Ota, was the first inaugural lecturer; the first chair of the ceremonies committee and the second vice-chancellor of FUNAAB. On NUC’s side, he was the first visiting professor at the commission and the second to complete his two-term of 10 years. As he alighted from the vehicle, accompanied by his wife, Oluremi and four officers of the NUC, to be received by all principal officers at the university’s main gate, Okojie remarked: “The eagle has landed.” He later explained that, like the eagle, he had shed his old wings and his strength had been renewed by the experiences of the last 15 years to further add value to the institution. Speaking at a special senate meeting held in Okojie’s honour, the Pro-Chancellor and Chairman, Governing Council, Senator Adeseye Ogunlewe congratulated him on the successful completion of his tenure at the NUC. He described Okojie as a pride to FUNAAB and the country. “We need your wealth of experience to make this university number one in ranking. On behalf of the council, deans and directors, I welcome you back home and by the grace of God, it will be a pleasure for you and as you move on in your career, the Lord will bless you.” The Vice-Chancellor, Professor Olusola Oyewole, expressed delight that the former executive secretary represented the university well and did not let it down, describing him as a true ambassador of FUNAAB, who recorded indelible achievements in the university and NUC. He said Okojie is a humble man, who is generous to a fault, a man who says it as it is and holds no grudges against anyone. The senate then approved that a foundation be established in his honour. From the special senate meeting and the special congress of the Academic Staff Union

L-R: Okojie, Oyewole and Oba Adedotun Gbadebo during Oojie’s visit to his palace

of Universities (ASUU), where a motion was moved to admit Okojie back into the fold; to the commissioning of the Directorate of University Farms (DUFARMS)’s Annual Food Expo, handing over of Okojie’s new office; and reception at the Ceremonial Building, which included drama and dance presentations; speaker after speaker had stories to tell. They acknowledged Okojie’s forthrightness, courage, integrity, humility, passion, kindness, philanthropy, forgiving nature and openness, as well as commitment to staff and students’ welfare. They also described him as a strong believer in the unity of the family, a mentor, generous giver and peace-broker, who had a peaceful tenure as vice-chancellor, which was instrumental to the overall success of the university. Both the vice-chancellor and the Chairman of the local chapter of ASUU, Dr. Adebayo Oni recalled that Okojie not only facilitated the movement of the university from its temporary site at Isale-Igbein in the city centre to the main campus, but also took FUNAAB to the enviable position of the then best university in Nigeria; created a beautiful environment at the main campus through the planting of palm-trees; spearheaded the planting of a 250-hectare cashew plantation; and maintained high academic standards as well as initiated the first Open Thesis Defence in the university. Okojie commissioned this year’s annual Food Expo of DUFARMS, where the institution’s products were on display for sale. He commended the university and the Director of DUFARMS, Mr. Michael Jaiyeola, for carrying on FUNAAB’s mandate of contributing to the eradication of hunger, stressing that universities

LIFE Holds Book Reading Session for Students A non-governmental organisation focused on youth empowerment, Leadership, Inspiration, Family and Entrepreneurship (LIFE) Initiative recently organised a book reading session for youths in Eti-Osa area of Lagos at Laterna Ventures, Victoria Island. The session featured was presided over by the writer of the fastest selling teen book in the area ‘Power Teens Success Habits’, Obafemi George, who is also the Principal Initiator of the NGO. The book reveals the success principles used by the author that can be adopted by the teens to ensure success in their different goals. While reading to the youths,

George encouraged them to believe in themselves using the story of Walt Disney as an example. He urged them to dream and write down goals they wish to achieve in 20 years, saying that with vision and action, goals would lead to victories. He said the illustration of a football match in chapter three of the book describes goal setting as essential to achieving success. Life without it is likened to a football match with no goal post, where the player keeps playing but strikes no goal and no win. He also explained that goals should be Specific, Measurable, Attainable, Realistic and Timely

(SMART), adding that painting a clear picture helps one get to the destination faster. George encouraged the youth to have a mentor, one who will not molest or exploit but lead them to the right path; keep good company because that sustains or rejects good habits; act on their goals, having stickability which means to remain focus on the plan, eye on the prize. He also advised them to give themselves positive talks every morning, encouraging and cheering themselves; and to surmount whatever challenge they may encounter despite fear, as the challenges are only false experiences appearing real.

of agriculture have become even more relevant to the economic growth of the country with the dwindling price of crude oil. The products on display included live turkeys, different breeds of chicken, fish, cassava flour (fufu and garri), honey, pineapples, palm fruits, palm oil, palm wine and bread. Others were pumpkin leaves, among other vegetables, cashew nuts, brooms, bananas, plantain, egg plant, cucumber, sugar cane and yams. The former vice-chancellor also visited the university’s Zoological Park and Garden, where he advised the Director, Dr. Moses Oyatogun to consider approaching corporate organisations to adopt the animals. At the International Scholars’ and Resource Centre (IS&RC), where Okojie’s new office is located, he was received by his former student, now Dean, College of Environmental Resources Management (COLERM), Professor Clement Adeofun; his Deputy, Dr. Abdul Shotuyo; Head of the Department of Forestry and Wildlife Management, Professor Femi Adekunle (another former student) and other heads of departments in the college. The vice-chancellor also presented him a copy of the University Calendar (2015-2018). Okojie thanked the vice-chancellor for the befitting office and promised to do his best to make the system grow. In his responses at the various activities marking the reception, Okojie said he was glad to be back and that he was humbled by all that were said about him. According to him, everywhere he went, he remained himself and would always be himself, applying the principles of the fear of God and love for his neighbour. He said his prayer had always been for him to end his career without any stumbling

block and God answered that prayer, even as he had the privilege of serving four Nigerian presidents and many ministers of education as executive secretary of the NUC. He thanked the governing council for the warm reception accorded him saying, he only came to add his wisdom to what was already on ground to develop the university and would not interfere in its activities. The former ES tasked the council and the senate to maintain the traditions that make universities unique and appealed to members to ensure that peace and unity reign in the university. “We all have the potential to get to where ever we want to be. We must let people know that we are educated. The appointment of a vice-chancellor should be without rancour because we have a process. We must always be on the side of truth.” Okojie also commended every member of the university community saying that he was amazed at the level of its development. He tasked them to do their best to protect the integrity of the system and to learn to love and live with each other because FUNAAB is a family. To round off the day’s event, Okojie, who holds the traditional title of Aare Agbe of Egbaland, paid a courtesy visit to the Alake of Egbaland, Oba Adedotun Gbadebo. He recalled his experiences from when he joined the then UNAAB family about 26 years ago and went on to midwife the establishment of about 50 private universities, out of the present 61 both as Chairman, NUC’s Standing Committee on Private Universities (SCOPU) and executive secretary. While stressing that universities have a critical role to play in the development of societies and should be at the forefront of proffering solutions to the problems of their communities, Okojie informed the monarch that he had recommended that the first fruits of the university’s farms be presented to him every year for his blessings so that the land may prosper. Responding, Oba Gbadebo thanked the university management and Okojie for the visit, saying that the latter’s success could be attributed to his simplicity and truthfulness. He recalled how, during his tenure as vicechancellor, Okojie promised not to leave any project abandoned and he achieved it. He prayed that he would not regret his decision to come back to FUNAAB, that his children would always make him proud and that his future successes would exceed the past. The NUC staff on Okojie’s entourage were the Director, Quality Assurance, Dr. Biodun Saliu; his Open and Distance Education counterpart, Dr. Olamide Adesina; Deputy Director, Information, Mrs. Adebukola Olatunji; and Principal Protocol Officer, Mr. Akinlabi Akinola.

6,000 Children for Cowbell Chocolate Summer Camp About 6,000 fun-loving school children are expected to attend the 2016 Cowbell summer camp tagged ‘Chocademy’. The Brand Manager, Cowbell Choco, Promasidor Nigeria, Kingsley Onuoha, said this year’s edition of the ‘edutainment’ programme holds in Makurdi, Enugu, and Ilorin. According to him, the sixday summer camp opened in Makurdi from August 8-13, 2016. He said the summer camp would hold in Enugu between August 15 and 20; and would move to Ilorin from August 22 to August 27, 2016.

“The summer camp is designed to engage and educate school children during the long holiday. Spending the summer holidays learning outside of a customary school environment can help students get ahead of their classmates when they return to school, as skills acquired during the summer programme can enhance their leadership, athletic and academic opportunities.” Onuoha said the idea behind ‘Chocademy’ is to bring together children with diverse cultural and religious affiliations and social classes to

a healthier, moral and social learning field where aerobic exercises, knowledge-sharing, moral education activities will be undertaken among others. He therefore advised mothers and other caregivers to enroll their children and wards as quality educators have been arranged to handle each module of the summer camp such that the participating children and their parents will go back home fulfilled. He said the programme promises to be fun, as a lot of exciting gift items and product would be given out to all participants.

WEDNESDAY, AUGUST 17, 2016, • T H I S D AY

CITYSTRINGS

Acting Features Editor: Charles Ajunwa Email charles.ajunwa@thisdaylive.com

Unsung Idi-Araba Tailors Idi-Araba is a Hausa community in Surulere Local Government Area of Lagos State. In this community, tailoring is more than an occupation for the inhabitants, it is a culture, Ugo Aliogo writes

Isa Abubakar's tailoring shop in Idi-Araba

akubu Mohammad is a tailor with an uncommon knack for fine fabrics. As a fashion designer, he has been able to carve out a niche for himself in African fashion. He is renowned for making some of the finest Danshiki, Kaftan, Babariga, and female Buba designs. Mohammed’s success story had its origin from the Idi-Araba community, an impoverished area in Surulere largely dominated by Hausas. The community has very little chance of inspiring great dreams and ideas in the minds of purpose-driven youngsters. The prevalent cases of juvenile delinquencies pay credence to this fact. However, while most youngsters have found themselves on the wrong side of the divide, others, like Mohammad, have made different choices. “The tailoring job kept me away from the streets and helped me to engage in something productive,” Mohammed said.

The tailoring job kept me away from the streets and helped me to engage in something productive... Funding is a major issue in the business. It prevents us from buying materials needed to do our job and power our generators. There is very little you can achieve in this job without constant power. Therefore, we are compelled to fuel our generators on a daily basis

Still, Mohammed is worried that there is no support from the state government. Having spent four years in the business, he lamented that it is faced with a litany of challenges which, though, are not alien to other small scale businesses in the country. But his love for the business has kept him going. “Funding is a major issue in the business. It prevents us from buying materials needed to do our job and power our generators. There is very little you can achieve in this job without constant power. Therefore, we are compelled to fuel our generators on a daily basis,” he said. Tailoring is one of the unique activities which have helped to put the Idi-Araba community in the radar in a positive light. Many youths have taken to tailoring to escape poverty and crimes. The community is home to many artisans who are making a mark for themselves. Despite the numerous difficulties that confront businesses in Nigeria, the trade

in Idi-Araba is striving very well. What is the origin of tailoring in this community? Why is it given so much love and attention by indigenes of the community? These were some of the thought provoking questions that most people would ask. THISDAY investigations revealed that tailoring in this community is not just a craft, but a rich cultural tradition that dates back many years ago. Perhaps, the early settlers began this tradition and passed it down to their offsprings. Well, this mythological evidence may not be totally wrong since the same view is shared by the elderly. Besides, there are no written records to counter this evidence. To put this finding in proper perspective and justify if the mythological evidences are correct, THISDAY visited the Hausa community’s leader, who is also known as the Sarki Hausawa, Alhaji Idris Lawal. He is a highly learned gentleman in Islamic theology and historical records of

WEDNESDAY, AUGUST 17, 2016, • T H I S D AY

CITYSTRINGS

the community. Lawal supported the mythological evidence, affirming that despite being born in the community, he cannot trace the exact year this tradition started, since there are no written records, but oral traditions passed down from one generation to another have attested that it has been the lifestyle of the people for decades. “There is no other work in the community more than tailoring. There is no much money in the business, but if you have something doing, you will keep yourself employed. Tailoring here is not a business here, it is what you learn. The tailoring practice in this community dates back to many years. Before I was born, the tailoring job has existed,” he said. Like Mohammed, Lawal is not very pleased with the attitude of government towards supporting these artisans in the community. He lamented that they are not receiving the right support from government and the people are not comfortable with this development. This narrative is somewhat frustrating, especially in light of the efforts of the present administration of Lagos State, led by Governor Akinwunmi Ambode, in supporting Small and Medium Enterprises (SMEs) businesses and cottage industries in the state. Lawal said: “I believe that if government wants to help us, they should ask us what we need and I believe the help is supposed to start from the local government. During election periods, they come to us beg us to use our office to cajole our people to vote for them. They are only concerned about getting votes to enter public offices, but they are not concerned about the welfare of the people that voted them in.” He appealed to government to assist the community tailors procure sewing machines, provide soft loans and technical supports to them through training and exhibition programmes. “The clothes they sew here are of high quality, as a result some of them are exported to London, South Africa and other places,” he said. However, the Chairman of the Idi-Araba Tailors Association, Mr. Abdulsalam Musa, did not hinge the tailor’s difficulties on the government only. He said the association, itself, has not been able to muster the strength to build a strong synergy among its members, in order to present their case before the government. THISDAY also learnt that the association is faced with numerous challenges, which have prevented it from functioning to optimal capacity. The leadership does not have the strong compliance mechanism to compel non-registered members to join; therefore the association is seen as a toothless bulldog. For seven years, the association has paid annual trade permits to the government. The permit is supposed to cover only registered members, but non-registered members hide under the same umbrella, and enjoy the

We also face challenges from members of KAI. They say that it is illegal to push trucks in the streets of Lagos. It’s a major challenge we are facing in the business. They arrest our boys most times and warned them not to push trucks after they have regained freedom. But we cannot stop the business because it is our only source of survival. I have been in the business for more than 17 years now. I have achieved a lot within those years

Garuba's tailoring shop in Idi-Araba

Another tailoring shop in Idi-Araba

A tailor knitting a fabric

benefit due to registered members. This is an ugly development that seems to have defied the logic of sound reasoning. Investigations revealed that there is a crack in the leadership and running of the association. This fissure has complicated the smooth running of the association over the years, but currently the new leadership is struggling to stamp its foot firmly on the ground. “We have complained to the local government officials about the attitudes of some tailors in the community who have refused to join the association and pay the trade

permit. These non-registered members hide under the umbrella of the association. This unhealthy practice has affected our association negatively,” Musa said. He stated that the lack of enforcement on the side of the collector is making these non-members not to see any reason to join the association, “if there is a serious enforcement measure to collect the trade permits from these non-memers, I believe that the association will pay less.” Musa is frustrated that the local government council has not taken decisive steps in addressing the issue. Despite the fact that the

association has been registered with Corporate Affairs Commission (CAC), enforcement of disciplinary measures is very much a big task. The disgruntled chairman affirmed that the membership response is very low, besides there are no stiff penalties for practitioners who are found guilty of the law. “If there is a law, there will be compliance to compel people to join the association. Currently, what we are doing is that if you aspire to join, you join, if you don’t want to join. You stay on your own. The women are also with us, the association is open to everybody.” he said.

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INTERNATIONAL Turkish Police Raid Offices in Post-coup Crackdown

email:foreigndesk@thisdaylive.com

Turkish police searched the offices of a nationwide retail chain and a healthcare and technology company yesterday, arresting dozens of people in some of the biggest raids on private businesses since last month’s failed coup. More than 35,000 people have been detained in a massive purge since the July 15 attempted putsch, when a group of rogue soldiers commandeered tanks, warplanes and helicopters in an attempt to overthrow the government. Around half of those detained have been placed under formal arrest and tens of thousands more have been suspended in the military, police and civil service. The breadth of the probe has worried the West, which fears President Tayyip Erdogan is using it to quash dissent. Private businesses have also been targeted in what the government describes as a crackdown on followers of Fethullah Gulen, a cleric based in self-imposed exile in the United States, who is blamed by Turkey for the coup. Police targeted discount supermarket chain A101 and healthcare and technology group Akfa Holdings, on suspicion they gave financial support to Gulen’s network, state-run Anadolu Agency said. Gulen denies involvement in the coup. Washington says it will extradite him to Turkey only if presented with firm evidence. Turkey’s foreign minister spoke to U.S. Secretary of State John Kerry on Tuesday about Gulen’s extradition, foreign ministry sources said. Kerry is due to visit Turkey this month. A101, which operates thousands of stores across Turkey, said financial crimes police searched its Istanbul headquarters for six hours on Tuesday morning. It had cooperated with police and its businesses continued to operate, the company said. A101 said it had no “corporate, financial or trade links” to any illegal group, although it acknowledged that now-defunct Islamic lender Bank Asya had once been a shareholder. The bank was founded by Gulen’s followers and later seized by regulators, and is now being wound down. Private news agency Dogan said police detained A101’s chairman, Turgut Aydin, at his home in the eastern Black Sea province of Trab-

zon. Aydin and his family are also majority owners of the Memorial hospitals group. Some 36,000 people work for his companies. Anadolu said 50 people were detained in the separate raid at Akfa, including the company’s chairman. No one was immediately available for comment at Akfa. Police also searched offices at the main courthouse on the Asian side of Istanbul, according to a courthouse employee, a day after major raids on three courthouses on the European side of the city, which sits on the strait dividing the continents. “Police are currently in the courthouse. They came in with a list of names. The names were of those who were ordered to be taken into custody, and they are searching the building,” the employee told Reuters, declining to be identified. Police had detention warrants for 83 people at the court, Anadolu reported. A day earlier police detained at least 136 court staff in the raids on courts on the European side of the city. Erdogan accuses Gulen of harnessing an extensive network of schools, charities and businesses, built up in Turkey and abroad over decades, to infiltrate state institutions and build a “parallel structure” that aimed to take over the country. Before the failed coup, in which more than 240 people were killed, the authorities had already seized Bank Asya, taken over or closed several media companies and detained businessmen on allegations of funding the cleric’s movement. In a speech to his ruling AK Party deputies in parliament on Tuesday, Prime Minister Binali Yildirim sought to calm public concerns about the purge. He said it targeted only be those who maintained links to Gulen after Dec. 17, 2013 - the date when police and prosecutors seen as sympathetic to the cleric launched a corruption probe into Erdogan and his inner circle. That event triggered a public rift between Erdogan and Gulen, who had previously been allies. “Millions of our innocent citizens can relax. If you did not consciously support FETO after Dec.

17, you should not be worried,” Yildirim said, using the acronym for “Gulenist Terror Group”, as Ankara refers to Gulen’s movement. “After Dec. 17 there is no excuse”. The government is also planning

“Peace talks failed because of the lack of seriousness of the armed movements to reach a ceasefire agreement ... they are warlords invested in war,” Ibrahim Mahmoud, the government’s lead negotiator, said at Khartoum airport after returning from the peace talks in Addis Ababa. “The main reason the negotiations broke down was the rebels’ deal-breaking request that, following the ceasefire, humanitarian aid be delivered by airlift to rebel areas in South Kordofan and the Blue Nile from Ethiopia, South Sudan and Kenya. This was wholly rejected by the government delegation.” A spokesman for the Sudan People’s Liberation MovementNorth (SPLM-North) said the talks had failed because “the government didn’t want peace ... we put forward major concessions but the government

The TIB has previously been targeted in the government crackdown against Gulen. In January 2015, police detained 23 of its employees in an investigation into allegations of illegal wiretapping

targeting Erdogan and other top officials. The government also plans further dismissals in the foreign and interior ministries, as well as the coastguard and military, Kurtulmus said.

US Seeks Latin American Help amid Rise in Asian, African Migrants Washington is seeking closer coordination with several Latin American countries to tackle a jump in migrants from Asia, Africa and the Middle East who it believes are trying to reach the United States from the south on an arduous route by plane, boat and through jungle on foot. U.S. agents deployed to an immigration facility on Mexico’s southern border have vetted the more than 640 migrants from countries outside the Americas who have been detained at the centre since October 2015, according to U.S. Department of Homeland Security (DHS) documents reviewed by Reuters. The migrants often fly to Brazil, obtain fake passports there, and are smuggled to Panama before heading through Central America to Mexico’s porous southern border, according to transcripts of 14 interviews conducted at the centre and other internal briefing documents seen by Reuters. The U.S. agents’ findings come as Mexican immigration data show 6,342 Asian, African and Middle Eastern migrants were apprehended trying to enter Mexico in the first six months of this year. That was up from 4,261 in all of 2015, and 1,831 in 2014. U.S. border apprehensions point to the same trend. Between October 2015 and May 2016, U.S. agents apprehended 5,350 African and Asian migrants at the U.S. Southwest border. That’s up from 6,126 in all of fiscal year 2015 and 4,172 in all of fiscal year 2014. U.S. concerns about potential security risks from migrants using the unusual and circuitous southern route have been growing in recent years, following a string of Islamic State-inspired attacks in the West

Sudan CeasefireTalks Collapse Talks to secure a lasting ceasefire in Sudan’s three warring regions under a road map for peace have collapsed less than a week after they began, the government’s chief negotiator said on Monday. Rebels have been fighting the Sudanese army in the southern regions of Kordofan and Blue Nile since 2011, when South Sudan declared independence. Conflict in Darfur, in the west, began in 2003 when mainly non-Arab tribes took up arms against the Arab-led government based in the capital Khartoum. Last week, rebel and opposition groups agreed to a road map for ceasefire talks and political reconciliation brokered by the African Union and already accepted by the government - the first such agreement since the fighting began in the south of Sudan. Ceasefire talks began immediately after.

to shut down the TIB telecommunications regulator and transfer its powers to its parent, an umbrella regulatory body, Deputy Prime Minister Numan Kurtulmus said this week.

remained set on its positions and was unwilling to concede anything”. He said the rebels had requested that some of the aid come from outside of Sudan to deny the government the ability to cut it off as it had on previous occasions in Darfur. The road map sets out a process for reaching a permanent ceasefire and provides for a national dialogue between the government and both political and armed opposition groups. It also included provisions for immediate humanitarian assistance. The signatories included two of the most prominent rebel groups -- the Justice and Equality Movement (JEM) and the SPLM-North -- as well as the largest political opposition group, the Umma Party. The Sudan Liberation Movement, a major rebel force in Darfur, and the Sudanese Communist Party refused to sign.

and the surge in Syrian refugees fleeing that country’s civil war. Five Syrian nationals detained in Honduras last November were part of a wider group of seven Syrians who acquired forged passports in Brazil and then went by land to Argentina on their way north, a U.S. government source familiar with that case said. There was no evidence to suggest the men were militants. “The reality is that the vast majority of the people that Mexico encounters that are extra-continental will eventually end up on our border,” a U.S. Customs and Border Protection (CBP) official said. At the detention camp in Tapachula, near Mexico’s border with Guatemala, U.S. Customs and Border Patrol agents have been training their Mexican counterparts on interview

techniques, and using U.S. criminal databases to investigate detainees, according to internal documents seen by Reuters. Two to three U.S. agents have been stationed there since at least October, according to the documents and U.S. officials. Mexican officials have previously acknowledged the presence of U.S. agents at Mexico’s southern border, but few details of the cooperation have been reported. U.S. Customs and Border Patrol began a pilot programme for a similar operation in Panama earlier this fiscal year, according to an internal memo sent in May that has not previously been reported. Homeland Security officials told Reuters that Panama requested U.S. training. A spokesman for Panama’s National Migration Service said Panama accepted an

offer from the U.S. embassy for training on subjects like “defence techniques” and “management of persons.” U.S. proponents of the programme have pushed for a greater U.S. footprint to build a “comprehensive intelligence picture” of migration patterns across the Colombia-Panama border, according to the memo sent in May. Panama is leading the effort in Central America to detain illegal migrants, DHS assistant secretary for international affairs Alan Bersin told a House committee in March, but it stymied by lack of detention space and the difficulty of deporting migrants to countries with whom they have no diplomatic ties. As a result, most are released after 30 days.

T H I S D AY WEDNESDAY AUGUST 17, 2016

T H I S D AY • WEDNESDAY, AUGUST 17, 2016

BUSINESS/MONEYGUIDE

NEXIM Highlights Opportunities in Non-oil Export Facilities Obinna Chima The Nigerian Export Import Bank (NEXIM Bank) has advised exporters to take advantage of the N500billion non-oil Export Stimulation Facility (ESF) as well as the expansion of the export credit Rediscounting and Refinancing Facilities (RRF) to boost their operations and create jobs. The acting Managing Director/Chief Executive, NEXIM Bank, Mr. Bashir Wali, made this call yesterday when he featured as guest on the Fidelity SME Radio Forum, a programme sponsored by the bank to educate, inform, advise and inspire budding entrepreneurs, that was monitored on Inspiration FM in Lagos. The Central Bank of Nigeria (CBN) recently introduced the ESF and the RRF with a view to supporting the diversification of the economy and to expedite the growth and development of the non-oil export sector. Wali described Nigeria as

a blessed country with huge untapped resources in the non-oil sector, just as he cited a National Bureau of Statistics report which put the total value of the country’s non-oil earnings in 2015 at $5.9 billion, with an average of $6.18 billion over the past five years. He said the ESF is aimed at incentivising and encourage entrepreneurs in the export sector so as to boost foreign exchange earnings from the non-oil sector. According to the NEXIM boss, in terms of informal trade, the amount ranges between $12 billion and $14 billion annually. “For any entrepreneur, the first and basic requirement is that you should know what you are getting into. The most important aspect in business is integrity. The major challenge for Nigerian entrepreneurs is the issue of process. Entrepreneurs in Nigeria like in any other part of the world are impatient to get going and only few have the resilience to go through due process.

“Documentation for export takes time and is painstaking. The processes in terms of meeting up with standard, the packaging, all take time. Due diligence and KYC requirement also takes time. So, I think patient is one thing we need,” he added. Wali, explained that over the past few months, the Nigerian Export-Import Bank has been working with the central bank to review existing policies and strategies towards increasing funding support and stimulating additional investments in the non-oil export sector. The NEXIM Bank boss commended Fidelity Bank’s effort to build capacity among operators in the non-oil sector. “Fidelity Bank is a trail-blazer in this area. This is the first initiative that would open up the export sector and the opportunities that abound in this sector for information dissemination and capacity building. It is a very wonderful initiative and it is a step in the right direction.

FG Urged to Enforce Risk Management in Parastatals Nume Ekeghe The federal government has been advised to enforce risk management practices in all its ministries, departments and agencies (MDAs) so as to be able to withstand shock during period of economic downturn. This call was made yesterday at the SIAO breakfast discourse were experts gathered to discuss the theme: “Governance, Risk and Compliance- improving business performance in challenging times,” that took place in Lagos. Speaking at the event, the Managing Partner, Risk Management Consulting International Resources (RMCIR) Mr. Robert Mbonu said Nigeria is where it is today because of failure to imbibe risk management practices. “Risk management is a function we all have in our organisations but the problem is that risk management is treated as somebody’s role.

The real risk management is applied today in terms of organisations that are successful is that risk management is like the blood in the veins of the organisation. Risk management has to be imbedded, proportionate, articulate, and comprehensive and it must be dynamic,” he added. He further pointed lack of risk of risk management was one of the reasons why projects fail in ministries and agencies of government, just as he said risk management was vital to drive the economy towards growth. Mbonu added: “Which ministry in this country has a risk manager? Risk management has to become part of our system. It must not be that man’s role; it should be everyone’s role in all organisations.” Speaking on what prompted the conversation, the Managing Partner at SIAO Financial Services, Mr. Ituah Ighodalo

said governance, risks and compliance (GRC) should be a focal point for the present administration. Ighodalo added: “We must all admit that in Nigeria now, times are a little bit challenging now. There is a new government in its 16th month with an economy that going into depression. Oil prices have fallen and our production has gone down by almost 40 or 50 per cent and we have not been able over the last 56 years of independence to properly structure our economy and take advantage of the abundant resources that God has blessed us with. “The world is going through a period of change and we think that at this point, it is good to look at some key things that never change; ethics, morals and governance. And in corporate terms, we call it governance, risks and compliance (GRC).”

FMDQ Admits C & I Leasing’s N600m Bond to its Platform Barely a week into the formal admittance of the N16.79billion UACN Property Development Company Plc’s commercial paper, FMDQ OTC Securities Exchange yesterday welcomed yet another listing, the C & I Leasing Plc’s N600,000,000.00 18.25% fixed rate bond, on its platform. To this end, a statement yesterday said the Exchange again played host to the Issuer, represented by the Managing Director of C & I Leasing PLC (C&I), Mr. Andrew Otike-Odibi, as well as the sponsor of the bond on FMDQ, WSTC Financial Services Limited, represented by its Managing Director/ CEO, Mr. Tofarati Agusto, among others, to the listing ceremony. As is customary of FMDQ

listing ceremonies, the C & I Leasing received accolades, which included, among others, the signing of the FMDQ Bond Listings Register, presentation of the FMDQ Bond Listing Certificate, and the autographing of the FMDQ Bond Listing Wall of Fame. Delivering the welcome address, Vice President & Divisional Head, Marketing & Business Development, FMDQ, Ms. Tumi Sekoni, congratulated the Issuer and all parties to the listing of the debt instrument and highlighted that FMDQ’s listing service had been tailored to provide, among others, a unique opportunity for issuers to raise the profiles of their issues and access a deep pool of capital, thereby meeting their long term funding

needs even as the Nigerian debt capital market becomes aligned with international best practices and standards. She further stipulated that the Exchange would provide continuous information disclosure on the C & I Leasing bond, including price/value data and detailed issuers’/issues information, to stakeholders via the ‘Listings & Quotations’ page on the FMDQ website. In addition, to promote an efficient and well regulated market, which will attract and retain both domestic and foreign investors, improve price discovery and transparency for issuers, dealers, regulators and the general public, the Bond shall also be included on the FMDQ-Bloomberg E-Bond Trading System (E-Bond).

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

MARCH 2016 Broad Money (M2)

20,470,436.00

-- Narrow Money (M1)

9,040,817.68

---- Currency Outside Banks

1,441,365.03

---- Demand Deposits

7,599,452.65

-- Quasi Money

11,429,618.32

Net Foreign Assets (NFA)

5,551,714.27

Net Domestic Assets(NDA)

14,918,721.73

-- Net Domestic Credit (NDC)

22,664,815.74

---- Credit to Government (Net)

3,782,578.01

---- Memo: Credit to Govt. (Net) less FMA

4,991,246.39

---- Memo: Fed. and Mirror Accounts (FMA)

-1,208,668.38

---- Credit to Private Sector (CPS)

18,882,237.73

--Other Assets Net

-7,746,094.02

Reserve Money (Base Money)

5,758,634.07

--Currency in Circulation

1,811,090.48

--Banks Reserves

3,947,543.59 • Source - CBN

MANAGED FUNDS Initial Price (N) Stanbic Balanced Fund

Buying Price(N)

Selling Price

1,660.29

1,685.29

Stanbic IBTC NEF

1,000.00

11,002.32

11,326.67.11

Stanbic SIBond

120.47

Stanbic IBTC Ethical

1.10

1.13

Stanbic IBTC GIF

142.90

143.38

UBA Balanced Fund

1.2563

1.2493

UBA Bond Fund

1.3443

UBA Equity Fund

0.8205

0.8074

UBA Money Market Fund

1.1510

ARM Aggressive Growth Fund

N13.0544

N13.4480

ARM Discovery Fund

N288.2515

N296.9425

ARM Ethical Fund

N22.5268

N23.2060

ARM Money Market Fund

13.1030 (Yield % ) • Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE AS AT MON 15, AUG 2016 The price of OPEC basket of fourteen crudes stood at $43.92 a barrel on Monday, compared with $42.60 the previous Friday, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

T H I S D AY • WEDNESDAY, AUGUST 17, 2016

MARKET NEWS

PZ Cussons Shareholders to Receive 50 kobo Dividend Per Share Goddy Egene and Nosa Alekhuogie PZ Cussons Nigeria Plc yesterday announced a dividend of 50 kobo per share for its shareholders for the year ended May 31, 2016. The company said in a corporate action filed with the Nigerian Stock Exchange (NSE) that closure date for the dividend is from September 19 to 23, 2016,

while payment will be made on October 7, 2016, after its annual general meeting (AGM) in Abuja. Although details of the audited financial results were not made available yesterday, the 50 kobo dividend is lower than the 61 kobo per share paid the previous year. Market operators said the reduced dividend was expected considering the challenging operating environment that affected the bottom-line of the company.

T H E MAIN BOARD

DEALS

MARKET PRICE

As at the third quarter ended February 2016, PZ Cussons reported a decline of 41 per cent in profit after tax, which fell to N1.647 billion, from N2.787 billion in the corresponding period of 2015. Despite the challenging environment, the Chief Executive Officer of PZ Cussons, Mr. Christos Giannopoulos, had some months ago, assured shareholders that the company would continue to pay dividends.

N I G E R I A N QUANTITY TRADED

.According to him, PZ Cussons is one of the few companies that have paid dividends consistently over the years, saying that policy would continue. “As long as we paid dividend, it means the fundamental of the company and confidence of investors in the company is strong.” He disclosed that the company currently imports majority of its raw material, noting that if the suppliers

STO C K

VALUE TRADED ( N )

Daily Summary as of 22/02/2016 Printed 22/02/2016 14:36:10.010

could set up operations in the country, it would reduce the cost of production and increase its bottom line. “The company is doing everything within its powers to attract our suppliers to set up their operations in Nigeria,” he said. Giannopoulos said that company was working hard to reduce the amount of foreign goods that comes into the country, adding that the firm has brought its associ-

ate companies and currently secured 26 hectares of land which allows it to produce palm oil in Nigeria. He said: “PZ Cussons has brought its associate companies and got 26 hectares of land plantation which allows us to produce palm oil in Nigeria. Nigeria was once the biggest. Palm tree in the world. So we are doing our part to be able to reduce the amount of foreign goods that Nigeria requires.”

E XC H A N G E

MAIN BOARD GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC Pharmaceuticals Totals HEALTHCARE Totals ICT IT Services TRIPPLE GEE AND COMPANY PLC. IT Services Totals ICT Totals INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE AFRICA PLC. Building Materials Totals Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals Packaging/Containers BETA GLASS CO PLC. Packaging/Containers Totals INDUSTRIAL GOODS Totals OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals Petroleum and Petroleum Products Distributors CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals Exploration and Production SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD Exploration and Production Totals OIL AND GAS Totals SERVICES Automobile/Auto Part Retailers R T BRISCOE PLC. Automobile/Auto Part Retailers Totals Courier/Freight/Delivery RED STAR EXPRESS PLC Courier/Freight/Delivery Totals Printing/Publishing LEARN AFRICA PLC Printing/Publishing Totals Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals Support and Logistics CAVERTON OFFSHORE SUPPORT GRP PLC Support and Logistics Totals SERVICES Totals EQTY Board Totals Daily Summary (Equities) Activity Summary on Board ASeM CONSUMER GOODS Food Products MCNICHOLS PLC Food Products Totals CONSUMER GOODS Totals ASeM Board Totals Daily Summary (Equities) Activity Summary on Board PREMIUM FINANCIAL SERVICES Banking ZENITH INTERNATIONAL BANK PLC Banking Totals Other Financial Institutions FBN HOLDINGS PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals INDUSTRIAL GOODS Building Materials DANGOTE CEMENT PLC Building Materials Totals INDUSTRIAL GOODS Totals PREMIUM Board Totals Equity Activity Totals

DEALS

MARKET PRICE

QUANTITY TRADED

32 4 6 69 69

25.33 0.94 0.69

551,998 16,020 597,000 1,779,083 1,779,083

13,903,164.18 15,299.40 412,110.00 15,902,796.63 15,902,796.63

1 1 1

1.69

500 500 500

805.00 805.00 805.00

16 9 4 6 10 31 76

24.00 9.30 35.78 8.62 3.36 80.50

110,727 40,229 26,700 142,300 299,900 14,373,223 14,993,079

2,707,053.97 362,501.29 992,680.00 1,227,076.00 966,480.00 1,157,057,077.16 1,163,312,868.42

6 6

1.51

134,500 134,500

204,240.00 204,240.00

5 5 87

50.00

24,529 24,529 15,152,108

1,165,135.50 1,165,135.50 1,164,682,243.92

2 2

0.50

24,262 24,262

12,131.00 12,131.00

90 90

3.47

3,827,573 3,827,573

13,288,632.05 13,288,632.05

21 7 8 21 7 64

18.34 1.84 342.00 150.00 145.00

81,125 100,300 20,300 16,295 13,699 231,719

1,505,034.50 182,832.00 6,595,470.00 2,396,080.60 1,959,692.96 12,639,110.06

33 33 189

318.00

389,934 389,934 4,473,488

124,037,602.56 124,037,602.56 149,977,475.67

1 1

0.50

941 941

470.50 470.50

5 5

3.80

32,870 32,870

127,756.40 127,756.40

13 13

0.89

624,500 624,500

538,430.00 538,430.00

1 22 23

2.29 4.00

4,588 251,094 255,682

10,001.84 1,001,583.80 1,011,585.64

1 1 43 1,811

1.68

10,000 10,000 923,993 3,428,226,216

16,000.00 16,000.00 1,694,242.54 5,785,390,675.15

2 2 2 2

1.21

270,464 270,464 270,464 270,464

327,261.44 327,261.44 327,261.44 327,261.44

306 306

11.45

13,929,679 13,929,679

159,605,439.23 159,605,439.23

278 278 584

3.74

10,438,552 10,438,552 24,368,231

39,515,087.18 39,515,087.18 199,120,526.41

35 35 35 619 2,432

139.83

38,770 38,770 38,770 24,407,001 3,452,903,681

5,304,666.00 5,304,666.00 5,304,666.00 204,425,192.41 5,990,143,129.00

2 2 2 2 2 10 10 10

2,330.00 2.33 6.02 11.09 18.07

3,000 20 20 20 15 3,075 3,075 3,075

6,986,000.00 46.70 120.20 221.80 270.65 6,986,659.35 6,986,659.35 6,986,659.35

DAILY STOCK MARKET REPORT

Daily Summary (Bonds) No Debt Trading Activity Daily Summary (Equities) Activity Summary on Board EQTY AGRICULTURE Crop Production OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals AGRICULTURE Totals CONGLOMERATES Diversified Industries A.G. LEVENTIS NIGERIA PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals CONGLOMERATES Totals CONSTRUCTION/REAL ESTATE Infrastructure/Heavy Construction JULIUS BERGER NIG. PLC. Infrastructure/Heavy Construction Totals Real Estate Development UACN PROPERTY DEVELOPMENT CO. LIMITED Real Estate Development Totals CONSTRUCTION/REAL ESTATE Totals CONSUMER GOODS Beverages--Brewers/Distillers CHAMPION BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. NIGERIAN BREW. PLC. Beverages--Brewers/Distillers Totals Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals Food Products DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC NASCON ALLIED INDUSTRIES PLC N NIG. FLOUR MILLS PLC. TIGER BRANDED CONSUMER GOODS PLC Food Products Totals Food Products--Diversified CADBURY NIGERIA PLC. NESTLE NIGERIA PLC. Food Products--Diversified Totals Household Durables VITAFOAM NIG PLC. Household Durables Totals Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals CONSUMER GOODS Totals FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC GUARANTY TRUST BANK PLC. SKYE BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC. Banking Totals Insurance Carriers, Brokers and Services AIICO INSURANCE PLC. CONTINENTAL REINSURANCE PLC CONSOLIDATED HALLMARK INSURANCE PLC LASACO ASSURANCE PLC. AXAMANSARD INSURANCE PLC N.E.M INSURANCE CO (NIG) PLC. UNITY KAPITAL ASSURANCE PLC WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals Micro-Finance Banks NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC FCMB GROUP PLC. STANBIC IBTC HOLDINGS PLC UNITED CAPITAL PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals HEALTHCARE Pharmaceuticals FIDSON HEALTHCARE PLC

6 6 12

30.00 34.00

12,629 11,640 24,269

374,530.15 421,345.20 795,875.35

19 19 31

1.25

1,078,511 1,078,511 1,102,780

1,358,964.30 1,358,964.30 2,154,839.65

5 68 13 86 86

0.77 1.13 20.47

33,500 6,740,423 65,995 6,839,918 6,839,918

25,070.00 7,635,453.96 1,344,425.15 9,004,949.11 9,004,949.11

13 13

41.50

31,970 31,970

1,409,214.78 1,409,214.78

5 5 18

5.20

28,901 28,901 60,871

154,716.48 154,716.48 1,563,931.26

6 24 7 98 135

2.85 118.85 20.00 99.00

190,900 53,000 15,200 429,541 688,641

528,079.00 6,201,924.95 293,757.00 42,728,789.84 49,752,550.79

9 9

168.50

166,476 166,476

28,285,937.95 28,285,937.95

54 38 6 12 1 29 140

5.61 19.00 1.37 6.86 6.65 1.27

2,120,306 314,421 40,000 119,863 433 3,285,739,119 3,288,334,142

11,610,520.13 5,953,792.96 55,716.00 842,442.48 2,736.56 4,074,348,894.07 4,092,814,102.20

11 54 65

17.86 700.00

18,825 98,360 117,185

329,518.50 68,567,962.00 68,897,480.50

11 11

4.46

99,050 99,050

420,455.00 420,455.00

13 21 34 394

21.90 28.00

36,887 133,117 170,004 3,289,575,498

820,034.75 3,737,067.92 4,557,102.67 4,244,727,629.11

82 51 21 25 200 41 16 147 11 15 67 676

4.10 1.49 15.60 1.21 16.70 1.07 1.76 2.95 5.30 0.63 0.98

3,962,506 2,163,396 278,470 790,900 4,847,312 1,969,858 1,204,932 8,586,418 39,752 501,617 5,920,564 30,265,725

16,210,255.82 3,314,106.88 4,136,459.40 958,864.34 80,963,793.44 2,115,552.11 2,087,767.85 25,302,954.71 205,645.40 316,018.71 5,813,502.17 141,424,920.83

14 8 2 3 7 10 1 1 46

0.80 0.90 0.50 0.50 2.06 0.76 0.50 0.50

200,107 276,500 5,004,000 1,000,000 351,540 327,285 37,708,135 10 44,867,577

160,838.67 251,350.00 2,502,000.00 500,000.00 720,728.80 245,325.31 18,854,067.50 5.00 23,234,315.28

1 1

1.08

4,760 4,760

4,950.40 4,950.40

31 7 105 7 20 170 893

2.46 4.00 0.85 14.15 1.31

1,149,464 27,041 31,257,120 38,035 708,255 33,179,915 108,317,977

2,830,722.84 104,002.06 26,613,309.20 537,985.34 931,556.31 31,017,575.75 195,681,762.26

2.69

614,065

1,572,223.05

VALUE TRADED ( N)

Daily Summary (ETP) Exchange Traded Fund Name NEWGOLD EXCHANGE TRADED FUND (ETF) VETIVA BANKING ETF VETIVA CONSUMER GOODS ETF VETIVA GRIFFIN 30 ETF VETIVA INDUSTRIAL ETF Exchange Traded Fund Totals ETF Board Totals ETP Activity Totals

WEDNESDAY AUGUST 17, 2016 • T H I S D AY

NEWSEXTRA

Group Petitions Buhari, EFCC, Accuses Kogi Govt of Mismanaging N11bn Gboyega Akinsanmi A group, Egalitarian Mission for Africa (EMA) has petitioned President Muhammadu Buhari and the Economic and Financial Crimes Commission (EFCC), demanding the probe of Kogi State Governor, Mr. Yahaya Bello, for allegedly mismanaging a whopping sum of N11 billion. The EMA, an Abuja-based civil society group, also sent copies of the petition to the Vice President, Prof. Yemi Osinbajo and Chief of Staff

to the President, Alhaji Abba Kyari, alleging breach of trust, misappropriation of funds, money laundering and wanton looting of the state treasury. The petition, which was attached with proofs of commission of the allegations levelled against the governor, was endorsed the group’s Country Director, Mr. Idris Usman and its Legal Secretary, Mr. Olutosin Ojaomo. The group said the petition against the group became imperative due to what it

IPOB Lambasts MEND for Losing Focus, Credibility Emmanuel Ugwu in Umuahia The Indigenous People of Biafra (IPOB) yesterday lambasted the Movement for the Emancipation of Niger Delta (MEND), saying the movement “has lost focus and credibility” and no longer relevant in the struggle for selfdetermination. IPOB came hard on MEND in the light of the latter’s recent ‘unguarded’ utterances and attacks on groups fighting for self determination and even trying to sow seeds of discord between IPOB and the Niger Delta Avengers (NDA). In a statement jointly issued yesterday by its spokespersons, Emma Nmezu and Dr. Clifford Iroanya, IPOB said the reports emanating from MEND was evident that it was no longer worth its name as an organisation fighting for the emancipation of the oppressed people of Niger Delta. “IPOB can confirm that the moribund terrorist organisation known as MEND has been captured by President Muhammadu Buhari and converted to the official media and publicity arm of Nigeria’s Department of State Services (DSS),” the statement said. It stated that with “this latest conversion, the rogue organisation is now popularly called Movement for the Enslavement of Niger Delta (MEND),” adding that “part of the deal accompanying the conversion as a government mouth piece was early release of jailed MEND’s leader, Charles Okah. According to IPOB, Okah with his MEND has compromised so much that he is now being used by the federal authorities to provide information on the NDA members, adding that he was even given the leeway to continue playing “his role as the infamous Gbomo Jomo” from prison. “This schizophrenic Okah or Gbomo Jomo who as a matter of public record, has attempted to kill himself twice; in his new role as the MEND leader that only exists on the internet, he was given a paltry 1million Naira by the DSS to provide information on the whereabouts of NDA. “It is necessary to state for record purposes that any person or persons so far arrested by the Nigerian Army or DSS in connection with the activities of militancy in the Niger Delta area is based on information provided by this

unstable Okah and should hold MEND responsible,” IPOB said. The Biafra restoration organisation said the promise of early release of Okah included a deal whereby he was “required to issue a series of fake statements intended to drive a wedge between IPOB and the NDA both of whom have since closed ranks in total pursuit of the restoration of the nation of Biafra. “The initial attempt by MEND to execute their own part of the deal on fake press releases failed woefully even with the backing of Nigerian journalists. Hence they changed tactics with the recent press release in which they lied that the leader of IPOB, Nnamdi Kanu, has agreed in secret to renounce Biafra in order to be released.” The Biafra agitators wondered why MEND should go out of its way and discuss renouncing of Biafra while negotiating with the federal government when it was not authorised to negotiate for IPOB and its detained leader, Kanu. It noted that it was illogical that MEND should be “interested in Biafra and Kanu‘s release on one hand and on the other hand, asserted that ‘Biafra Republic’ aims to annex the Niger Delta region as part of its territory.“ The IPOB added that it could be that MEND “is poorly educated that they are unaware that the last Head of State of Biafra before the war ended in January is from the same Niger Delta.” IPOB expressed disappointment that MEND has suddenly transformed into a collaborator with the oppressor, saying “for the information of the public, the so-called Jomo Gbomo of MEND is no other person that Charles Okah who is currently in Kuje prison and in his desperation for freedom has handed over MEND propaganda machinery to the DSS after late night meetings. “It is a shame that MEND or what is left of it run from Kuje prison by Okah in concert with DSS allowed himself to be used as an informant for Hausa Fulani Islamic Nigeria and agent provocateur. “He is not alone but all of them will join the long forgotten list of betrayers and turncoat that history has quickly forgotten. What a tragedy that the same womb that gave birth to the gallant Henry Okah could produce such a coward and traitor to the cause to liberate all territories of Biafraland,” IPOB said.

ascribed to its statutory mandate “to promote good-governance, equity, equality, rule of law and justice as well as in line with the Buhari government’s inspiring hard stance against corrupt practices and financial crimes.” After due investigation, the group said: “Our findings detailing the commission of offences such as breach of trust, fraud, money laundry, misappropriation of funds and wanton looting of the treasury of Kogi State to the tune of about N11billion by Bello and his co-conspirators.” It listed other state officials who allegedly aided the siphoning of N11 billion to include Chief of Staff to the Governor, Mr. Edward Onoja, the Commissioners for Works and that of Finance. Others include the Permanent Secretaries “in charge of Government House, Ministry of Works and Ministry of Finance), Board of Internal Revenue, Accountant-General, the Director-General, Bureau for Public Procurement and the Chairman,

Board of Internal Revenue. The group alleged that award of “bogus contract of the renovation of 17 units of mostly three-bedroom bungalows (removal of roof and re-painting only) for a whooping sum of N1.6 billion awarded to MAJ Global Construction Company Ltd.” It provided details on the contracts and their costs, wondering why the Bello administration should spend N 1,566,655,738.50 to renovate buildings and wondering what it would cost the state government to construct a new building that a poor state like Kogi. It said: “Preliminaries cost N500,000.00; personal assistant residence N56,831,620.00; permanent secretary residence N55,393,500.00; PPS residence N 85,533,500; ADC residence N 54,171,150; Guest House (Aliyu) residence N64, 005, 750; Accountant General’s residence N64,672,500; DG Protocol residence N53, 324, 220; CSO residence N 52,916,450; CP residence N 50,557,320; SSG

residence N 52,321,470 and Imam’s residence N 47,527,670. It said the sum of N857,010,027.501 was spent “to renovate six-unit office building another sum of N669,645,711.00 was spent units residential building, bringing the grand total to N1,566,655,738.50. Our investigations reveal that nothing is being renovated in most of these buildings.” It added that the phoney renovation contract was an avenue “to steal and launder funds from the commonwealth of Kogi people. Award of bogus contract for the construction of Agasa-Ukpogoro Road to AG Vision Construction Nigeria Limited of which N912,648,960 hurriedly paid in a day without physical mobilisation to site till date.” It alleged that it was suspicious of laundering N87,500,000 and N91,500,000 through CGC Construction Company under the guise of payment of contract sum on June 22 and August 1 respectively. It further noted that it suspected

laundering of N103,558,364 through Auwaliya Global Resources Ltd of the following funds N37,694,144; N23,925,200; N36,249,000; N1,391,000; N2,191,520 and N2,107,500 from the same bank and on the same day.” The group alleged that it suspected laundering N498,237,920 through West Wood Motors Limited for a spurious award of contract for vehicles that were not purchased. It further alleged that the payments “were made from the same bank as follows: N31,346,380; N31,346,380; N23,509,785; N38,306,876; N23,509,785; N38,306,876; N23,509, 785 and N23,509,785 June 14. “It is suspicious of laundering N395,103,737 through Kefiano Global Concepts Ltd which payments were made on March 29, 2016 and from Zenith Bank as follows: N39,243,750; N39,765,000; N37,765,000; N37, 878,750; N40,495,000; N141,393,365 paid on June 10 and N60,562,871 paid on June 17.”

MEETING WITH AUTO INDUSTRY INNVESTORS

L-R: GovernmentAffairsDirector,Ford,Mr.DhirenVanmali;ManagingDirector,NissanGroup ofAfrica;Mr.MikeWhitfield;PresidentMuhammaduBuhari; MinisterofIndustry,TradeandInvestment,Okechukwu Enelemah;ChiefofStafftothePresident,AbbaKyari;andMinisterofFinance,Mrs.KemiAdeosun, duringavisitoftheofficialsofAfricanAssociationofAutomotiveManufacturers(AAAM) tothePresidentialVillainAbuja...yesterday GodwinOmoigui

Air Force Says LatestVideo by Boko Haram on Chibok Girls is Mischievous Iyobosa Uwugiaren in Abuja The Nigerian Air Force (NAF) last night said the latest video released by terrorist group, Boko Haram, alleging the killing of some of the abducted Chibok school girls by its fighter jets was not only a ruse but another mischievous effort by the sect to draw public attention to itself. In a statement signed by the Director of Public Relation and Media, Group Captain Ayodele Famuyiwa, it said whereas the video showed a cross-section of the abducted girls and an airborne aircraft, it provided no evidence that the supposed casualties were as a result of any air to ground attack. It added: ‘’More so, there is

sufficient evidence to believe that the casualties were arranged as the positioning of the bodies clearly defiles any natural setting of a location that has undergone aerial bombardment. “Besides, the impact and accompanying degree of damage to the bodies would have been more, were they to have died from air strike. “It is therefore clear that the video is a make-up story to discredit the NAF, and more importantly, a deliberate effort to weep up sentiment among the public in order to dissuade and discontinue the use of airpower which has proved very effective as the major determinant factor in

the successes recorded in the on-going counterinsurgency operations in the North-east.’’ The NAF further said it had put in place a number of measures to avoid the incidence of collateral damage, adding that considerable effort was committed to undertaking intelligence, surveillance and reconnaissance (ISR) missions, both day and night, to ensure that only legitimate military targets are engaged. ‘’Besides, NAF ISR platforms carry highly sophisticated equipment on-board which are able to provide pin-point accurate intelligence about target location and description as depicted in the enclosed video on our ISR operations,’’

it added. ‘”And where there are doubts about target status, we do not undertake strike missions. In any case, the NAF, being a professional fighting force, has not and will not engage in unprofessional practices in discharging its statutory duties.’’ The NAF assured Nigerians, living within the vicinity of its operations of their safety, while also urging them to disregard the terrorists’ video as a mere propaganda. According to the statement, “The NAF wishes to use this opportunity to restate its commitment to restoration of peace in the North East and other troubled areas in the country.’’

WEDNESDAY AUGUST 17, 2016 • T H I S D AY

NEWSEXTRA

FG Seeks $7bn to Kick-start Mines, Steel Industry Obinna Chima with agency report Nigeria is looking for investments to the tune of $7 billion in mining and steel over the next decade as it seeks to develop gold and iron ore extraction industries to diversify its oil-dependent economy. One of the government’s priorities is to meet its annual steel demand of 6.8 million metric tonnes, from a current output of a third of that, produced mainly from scrap iron, Solid Minerals Development Minister, Kayode Fayemi, said. “About $5 billion will kick-start the mining sector,” Fayemi said in an interview with Bloomberg in his Abuja office. “In two to five years, we want

to have started production of iron ore, lead, zinc, bitumen, nickel, coal and gold at a serious scale.” Companies considering investments in Nigeria’s mining industry include Lagos-based Multiverse Mining & Exploration Plc and Kogi Iron Ltd., based in West Perth, Australia, he said. Boosting mining output, along with developing agriculture and infrastructure, is part of plans to broaden the economy of Africa’s second-largest oil producer. Crude accounts for around 70 per cent of the OPEC member’s revenue and for 13 per cent of gross domestic product, according to Finance Minister Kemi Adeosun. Slumping global oil prices, from over $100 a barrel of Brent crude in 2014 to under $50 a barrel

currently, and reduced output due to militants attacks on pipelines in Nigeria’s Niger River delta, have squeezed state finances and caused a chronic dollar shortage. Fayemi will this month present a mining plan to President Muhammadu Buhari and later a bill proposing the creation of a regulator for the sector. “Currently, the ministry does everything: licensing, monitoring, inspection, and it shouldn’t be like that,” Fayemi said. Prospective investors have expressed concern about an uncertain regulatory environment, he said. An autonomous agency would be better positioned to focus on performance and efficiency of the sector, according to the minister. The new legislation will include incentives such as allowing full

foreign ownership of mining projects in order to attract investments, Fayemi said. “There is competition for funds, and investors will go where they can get the best deal. So if having full foreign ownership can attract them, then that’s a good move by Nigeria,” Lagos-based head of research at Vetiva Capital management Limited, Pabina Yinkere said. “However mining for Nigeria is a long-term plan, that shouldn’t be looked at as delivering fruits in three to five years.” Nigeria will also require about $2 billion to revive Ajaokuta, a steel complex which was supposed to have an installed capacity of 5 million tons a year. Situated on the Niger River, in Kogi State, its construction began in 1979 but work was delayed by the government’s

failure to pay builders on schedule and it is yet to be completed. By 2004, when it was taken over by India’s Global Steel Holdings, then a subsidiary of Ispat Industries Limited, it still hadn’t produced any steel. Global Steel’s concession was revoked in 2008. After an eight-year legal dispute, it was agreed on Aug. 3 this year that the government will take over Ajaokuta while the Indian firm retains Nigeria Iron Ore Mining Company, which it will rehabilitate to supply the steel mill within two years. The ministry is hiring an adviser for investments needed to increase Ajaokuta’s current capacity of 1.3 million tons of steel a year fourfold, Fayemi said. The complex also includes a 110 megawatt power plant, a 60-kilometre (37 mile) railroad and an air strip.

Just 18 of some 30 steel manufacturers in Nigeria are active, producing about 2.2 million tonnes a year and leaving the government with a $3.3 billion annual import bill, Fayemi said. The government is talking with companies including Russia’s Technopromexport and Ansteel Group Corp. of China to complete and start production at Ajaokuta. It also plans to create a $1 billion mining exploration fund from state and private capital to improve data on Nigeria’s mineral wealth. Each exploration project will be supported with about $5 million, Fayemi said. Nigeria aims to increase mining contribution to gross domestic product to 7 per cent within a decade, from 0.3 per cent last year, according to the minister.

...Set to Spend N3bn on High Impact Research Paul Obi inAbuja In a move to scale up research in the education sector, the federal government yesterday said government had set aside over N3 billion for high impact research intervention fund for researchers in public tertiary institutions in Nigeria. The Executive Secretary of Tertiary Education Trust Fund, TETFund, Dr. Abdullahi Bichi Baffa, stated this in a parley with journalists in Abuja, insisting that government does not have any plan to extend TETFUND intervention to private institutions in Nigeria. According to Baffa, “research is one of the core mandate of the fund, the fund is supposed to bridge the infrastructural gap in our public tertiary institutions. “We have been supporting research institutions, where we can allocate up to N15 million for academics in the Universities and up to N10 million to academics in polytechnics and colleges of education. These are research grants awarded to qualified scholars that participated in a rigorous process of screening, after sending their

proposals,” he said. Baffa explained that “about N3 billion has been earmarked to support the high impact research at the National Research Fund level. “We also distribute research funds annually to universities to support degree research, where staff of benefiting universities are conducting research and they are supported and individual or independent research are also funded through the National Research Fund. “Research is one of our focal point, we are determined to support cutting edge research that would lead to turn around the fortune of Nigeria. “Such research would increase our production and improve our efficiency and improve the lives of our citizens. “The more we research the more we industrialise our country. And the more we create more jobs”, he said. On inclusion of private tertiary institutions on TETFUND, intervention fund he said: “I won’t Suggest a public should be given to private institutions. We don’t have any plan to extend the fund to private institutions,” TETFUND boss added.

Nigerian Turkish Hospital Performs Open Heart Surgery The Nizamiye Hospital has successfully carried out an open heart surgery in Abuja. This was contained in a statement released by the management of the hospital. According to the statement, “The Nizamiye Hospital successfully performed an outer coronary bypass surgery on its first patient in Abuja” The statement further added: “Dr Mustafa Kirman the lead surgeon led a team of seven specialists that included Turkish and Nigerian professionals to carry out the procedure.” “The procedure lasted three hours and we thank God that it was a huge success and the patient responded well and has been discharged from the hospital after a seven day observation period” it further added. In his reaction to the success of the surgery, the Deputy Medical Director of the hospital, Dr. Atilla

Emiroglu, stated that “the hospital is excited about this feat, especially with the fact that the team of medical personnel that carried out the procedure are resident doctors and specialists” “The team of doctors are resident in Nigeria and are staff of the hospital. We opted for this option to ensure that our patients get the best care and are assured that doctors are always available at short notice.” He further added that “with what we have in ground at the hospital in terms of personnel and equipment, there is absolutely no need for Nigerians to travel abroad for open heart surgery” The statement also stated that the hospital has four other patients on its waiting list for open heart surgery. The hospital was established by Turkish investors under the First Surat Group of Companies.

AN AUDIENCE WITH THE GOVERNOR

L-R: Jimmy Amu a.ka. DJ Jimmy Jatt; Lagos State Governor, Mr. Akinwunmi Ambode; Actiste, Innocent Idibia a.ka. 2Baba; and Nigerian Flutist, Dr. Tee Mac Omatshola Iseli; during a courtesy visit by the executives of African Union, International Committee of AFRIMA and its 2014 and 2015 award winners at the Lagos House, Ikeja....Monday

8,000 Boko Haram Members Voluntarily Surrendered, Says Military The military yesterday said no fewer than 8,000 Boko Haram members had voluntarily surrendered to its “Operation Safe Corridor’’ in the North-east. The Director of Defence Information, Brig.-Gen. Rabe Abubakar, disclosed this at a lecture organised by the Federal Capital Territory (FCT) Correspondents’ Chapel of the National Union of Journalists (NUJ) in Abuja. The News Agency of Nigeria (NAN) reported that the lecture with the theme, “Media-Military Relationship in the Fight against Insurgency,’’ was part of the activities marking the 2016 Press Week of the chapel. Abubakar said the surrendered insurgents were in a camp in Gombe waiting to be “deradicalised’’ by the military. The general also disclosed that more than 10,000 Boko Haram captives had been rescued by the military. He said some of them were reunited with their families, while others were taken to Internally Displaced Person’s (IDP) camps. Abubakar said Boko Haram had been successfully decimated by the military and government was working hard on the rehabilitation of the victims and reconstruction

of the affected areas. The general also said the military would soon launch “Operation Safe Corridor’’ to address the menace of herdsmen across the country. He promised that the military operation would put an end to the wanton killings by the herdsmen. Responding to questions on the recent action by the military declaring some journalists wanted, the general urged the media not to allow sentiments to influence their judgment on the issue. He said the military should be allowed to do its work, while assuring that no member of the media would be victimised unnecessarily. Abubakar said good militarymedia relationship was crucial to winning the war against insurgency. He said the media drove public support for the military which in turn had boosted the morale of officers and the rank and file. Earlier, the Secretary of NUJ in FCT, Hajia Rafat Salami, said there was the need for the military and the media to work together in the fight against terrorism and other crimes. She said the military must see the media as partner in progress and not as enemy.

The Chairman of the Correspondents Chapel, Raphael Ekpang, thanked the general

for finding time out of his tight schedule to share his thoughts on the topic.

Excessive Consumption of Illicit Gin Kills Four in Ogun Sheriff Balogun in Abeokuta Excessive consumption of illicit gin popularly called ogogoro yesterday killed four persons at the Ibara Housing Estate in Abeokuta. One Salako Taloju who is the seller of the liquor, is a gate man at the residence of a prominent Peoples Democratic Party (PDP) chieftain. It was gathered that Taloju had been selling the liquor for over 20 years. When journalists visited the scene, Taloju said only three persons died, identifying them as Baba Imeko, Baba Onwenue and Easy. But it was gathered that the incident involved four persons three of whom died on Monday while one died in the early hours of yesterday, Men of the Nigeria Police Force

have been drafted to the scene, while Taloju who was heavily drunk, resisted arrest, pleading that he was innocent. While speaking with journalists, he said: “We have been drinking together for a long time. I do not know why they have to accuse me now of killing them. I have even taken out of the liquor and nothing happened.” When asked if he had reported the matter to his boss, Taloju said: “Do you want to kill me. My boss has warned me on several occasions not to drink again but I refused.” However, a neighbour, Mrs. Kemi Adepitan, confirmed that the victims died after consuming the liquor, saying: “It is true that they died, we were at the house of one of the victims this morning to greet them.”

WEDNESDAY AUGUST 17, 2016 • T H I S D AY

NEWSEXTRA

Osunbor Faults NHRC over His Indictment Arise petitions AGF, gives commission 14 days to withdraw allegation Omololu Ogunmade inAbuja A former Governor of Edo State, Professor Oserheimen Osunbor, has faulted the National Human Rights Commission (NHRC) for including his name in the ‘poll offenders’ list’ released by the commission last week and recommending him for prosecution for electoral offences. Osunbor said some people were using the NHRC to tarnish his hard earned reputation. The NHRC released a report last Thursday under its “Electoral Accountability Project/End Electoral Impunity Project” in which it indicted Osunbor, a Professor of Law and 65 others, including organisations and security personnel as having committed electoral crimes in 2007 and 2011 general election. Osunbor, who won the Edo governorship election in 2007 before he was sacked from office and Adams Oshiomhole declared the rightful winner of that election, challenged the NHRC to state which electoral violence he committed. He said the commission replied that it based its decision on the tribunal ruling that sacked him as governor. Osunbor was named in the case of Oshiomhole and Action Congress (AC) vs. INEC & 18 others in petition: EDGV/ EPT/1/2007 in relation to the

Edo State governorship election. He was said to have been indicted in relation to the alleged criminal and administrative offences committed by security and INEC officials during the election. But the former governor and two-time senator said he has sued the commission for asking him to be prosecuted for alleged electoral offences. “If you read the judgment, my name was not mentioned that I committed any offence. There were people specifically mentioned in the judgment. “Somebody is using them against me and I know the person. I have challenged them to tell me the offence I committed. They said said they are depending on the court judgment. “Was I the only person removed by the tribunal? They should tell the world what offence I committed,” he insisted. Also, former Senator Ayo Arise yesterday petitioned the Attorney General of the Federation (AGF), Malam Abubakar Malami, over his indictment by the National Human Rights Commission (NHRC) for alleged electoral offences. He also gave the commission a 14-day ultimatum to retract the allegation and publish same in seven major national dailies, failing which he said he would be left with no option than to immediately commence legal

proceedings against it. The commission had last week listed Arise who represented Ekiti North senatorial district between 2007 and 2011 in the Senate as one of the 118 Nigerian politicians indicted for electoral offences and consequently recommended them for prosecution. Arise in a letter addressed to the commission and copied to the AGF, said it was appalling that a commission which ought to protect the fundamental rights of citizens had been the one violating them by deliberately denying him the right to fair hearing as enshrined in Section 36 of the 1999 Constitution (as amended) before announcing his indictment. “I am quite appalled by the haste with which your Commission indicted me without conducting proper findings. The result is rather unnecessary confusion which has been generated by the report. In the first place, for a Commission which is meant to protect the Fundamental Human Rights of the average Nigerian, you failed to invite me to tell my side of the story, thus neglecting one of the most fundamental of Human

Rights; the right to Fair Hearing as enshrined in Section 36 of the 1999 Constitution of the Federal Republic of Nigeria! Even more appalling was your refusal to state which electoral offence I allegedly committed,” he said. In the petition, Arise explained that he ran for an election into the Senate in 2007 on the platform of Peoples Democratic Party (PDP) but the election was nullified by an electoral tribunal sitting in Ado Ekiti which ordered a rerun over perceived non-compliance with the Electoral Act following a petition by one of his opponents . He said the tribunal did not indict him neither did it blame him for the allegation of non-compliance with the Electoral Act but rather put the blame on the doorstep of Independent National Electoral Commission (INEC) “for adding and subtracting results from both parties.” He further explained that the Appeal Court which sat in Ilorin, the Kwara State capital, later upheld the judgment of the lower tribunal and consequently ordered a rerun within 90 days. He said he was dissatisfied by the Court

of Appeal judgment but was left with no option than to by abide by it because it was the last court to hear the case. However, Arise explained further that to affirm that he won the first election which was annulled, he again won the rerun election by a wide margin adding that the victory was so convincing that his opponent did not attempt to contest the second election any longer. He said it was therefore provocative that a human rights commission did not only constitute itself into a law court but by its action, exalted itself above the appellate court which he said did not find him guilty of any electoral offence but only ordered a rerun over allegation of non-compliance with electoral law for which it held INEC responsible. “The indictment therefore stands logic on its head in that while the court of final jurisdiction in the matter did not indict me for electoral offences, your commission seeks to bypass my constitutional right to fair hearing by basing its indictment solely on the fact that a re-run was ordered in my election. I would

even go as far as referring to this needless cacophony as brand-name indictment/assassination.” “Already, I have had to delicately and intricately explain to friends, business and political associates and family members that I am not an electoral offender. I am deeply grieved by this act of the Commission and hereby formally request that my name be taken off the report as I have never been indicted by any court as an electoral offender. I also request a retraction by the Commission in seven national dailies including The Nation, Punch, Daily Trust and Thisday Newspapers. The retraction should be given the same prominence as your earlier publication in these dailies. “Kindly comply with this request within 14 days from the date of receipt of this letter or I shall have no choice but to commence legal proceedings against your commission for defamation of character. I have also deemed it prudent to make a copy of this letter available to the Attorney-General of the Federation,” the letter read in part.

Customs Shuts NAHCO, SAHCOL for Exporting Donkey Skin Chinedu Eze The Nigeria Customs Service (NIS) has shut down the two major aviation handling companies: Skyway Aviation Handling Company Limited (SAHCOL) and the Nigeria Aviation Handling Company Plc (nahco aviance) at the Murtala Muhammed International Airport, Lagos, over suspected export of donkey skin. It was gathered that the Customs suspected that donkey skin was warehoused within the two major ground handling companies in Nigeria, leading to their complicity, which prompted their shutdown by Customs. THISDAY learnt that Chinese businessmen were fingered to be responsible for the illicit business of exporting donkey skin from Nigeria and allegedly, some customs agents helped to export the contraband to China. The two companies have confirmed the shut down. There were also indications that the Chinese businessmen brought the items into Nigeria from Kenya, but needed some Nigerian freight forwarders to finally help them in shipping the items to their country. Nigerian businessmen who have started exporting perishable farm produce are miffed by the shutdown because it would adversely affect their export business as produce are not allowed to stay up to 24 hours before they are packaged and exported. So, with the shut down the export of farm produce, which government has been encouraging, has been paralysed.

Exporters of perishable/ vegetables have therefore described the shut down as outrageous and anti-economic development for the country. The exporters alleged that customs acted following a tip off about some unscrupulous Chinese who were exporting donkey skin through Emirates Airline and should have zeroed in on them and stopped their business instead of shutting down the whole export business. Confirming the incident, Captain John Okakpu, CEO, ABX World, described the exporters frustration, noting that they had already lost millions of Naira following the customs action. He said that customs ought to have carried out thorough investigation before shutting down all export businesses at the Lagos Airport. Captain John said the action negated federal government’s agricultural road map which was even launched by the Vice President, Professor Yemi Osibanjo on Monday. “We have even contacted the Nigerian Export Promotion Council, and they are outraged. This is counter- productive. You don’t shut down the whole export unit because some people are suspected to be engaged in illegal business. What happens to the perishable items that ought to be exported since Monday? Who pays for millions lost? Is this how to promote economic development in the country? We are telling the whole country to know that Customs has done something very anti-agric and economic growth,” he said.

PENCOM SERVICES IN GOMBE

L-R: Gombe State Gov.ernor, Ibrahim Hassan Dankwanbo a guest, Mr. Timi Austen-Peters; Senator Sanusi Daggash; Director General, National Pension Commission (PenCom), Mrs. Chinelo Anohu-Amazu; and Senator Khairat Abdulrazaq-Gwadabe, at the inauguration of PenCom North-east Zonal Office inGombe....yesterday

Harvard University Tops Academic Ranking of World Universities 2016 A report by the Academic Ranking of World Universities (ARWU) has showed that 10 universities including Harvard ranked at the top. A statement from ARWU, which showed a new list yesterday by China’s ShanghaiRanking Consultancy, in Shanghai, said all the top 10 universities last year retained their place in the top 10 for 2016. The first 20 top universities on the ranking lists include Harvard University, Stanford University, University of California, Berkeley, University of Cambridge, one of the oldest universities in the world, founded in 1209, Princeton University, University of Oxford, Massachusetts Institute of Technology. According to the News Agency of Nigeria (NAN), others include California Institute of Technology, Columbia University, University

of Chicago, Yale University and University of California, Los Angeles, Cornell University, University of California, San Diego, Others are University of Washington, Johns Hopkins University, University College London, University of Pennsylvania, ETH Zurich, Swiss Federal Institute of Technology Zurich, and University of Tokyo for the Asia/Pacific region. The statement said the ranking results confirmed Harvard University as number one in the world for the 14th year running. ShanghaiRanking Consultancy noted that Harvard, a highly residential university with a strong emphasis on research and had produced 62 living billionaires, 150 Nobel Laureates and eight US presidents. It stated that Stanford University also retained second place while Berkeley and University of

Cambridge both dropped one place. The report said eight of the top universities are in the US with Oxford and Cambridge completing the list of elite institutions in the top 10. “One Swiss and one Japanese university make it to the top 20. ShanghaiRanking Consultancy noted that Asia for the first time broke a new ground in this year’s ranking, with universities in China and Singapore in the top 100 for the first time. “Tsinghua University in China is the country’s best university in 58th position, and the National University of Singapore is the country’s top entry at position 83. It said that ETH Zurich was the 19th in overall took first place in continental Europe, while the University of Copenhagen the 31st in Denmark overtook Pierre & Marie Curie (39th) in France, as the second best European university

outside the UK. “The University of Melbourne was in the 40th place and the highest performing country in Oceania. ShanghaiRanking Consultancy noted that in total, 500 universities are ranked from across the world based on six indicators. These include the number of award-winning staff and alumni and the number of articles published in prestigious journals of Nature and Science. ShanghaiRanking Consultancy notedthatoutsidethetop100,universities are banded into groups of 50 or 100 to accommodate statistically insignificant variations in scores at this level. The ARWU has been published annually since 2013 by ShanghaiRanking Consultancy. It provides a different view of the best universities in the world to the Times Higher Education’s World University Rankings 2016 which ranks 800 universities.

WEDNESDAY AUGUST 17, 2016 • T H I S D AY

NEWSEXTRA

NLC Calls for Probe of HMOs over Looting of N90m Funds NHIS to sanction HMOs abusing the law Paul Obi in Abuja Amid the misgivings associated with the implementation of the National Health Insurance Scheme (NHIS), the Nigeria Labour Congress (NLC) yesterday called for full investigation of an

alleged misappropriating of about N90million involving some Health Management Organisation (HMO). President of NLC, Comrade Ayuba Wabba, who stated this during a visit by the newly appointed Executive Secretary of NHIS, Prof. Usman Yusuf, also said

Edo Guber: I Remain the Authentic PDP Candidate Not Ize-Iyamu, Says Iduoriyekemwen Adibe Emenyonu in Benin City The factional candidate of the Peoples Democratic Party (PDP) in the Edo State governorship election, Matthew Iduoriyekemwen, has said he remains the candidate of the party and not Pastor Osagie Ize-Iyamu. The Independent National Electoral Commission (INEC) during its August 4 display of candidates’ names against their respective political parties for the September 10 governorship election, included the name of Ize-Iyamu as the PDP candidate. But Iduoriyekemwen at a news briefing yesterday, said INEC recognition of Ize-Iyamu was a nullity because from the ruling of an Abuja High Court, Ali Modu Sheriff remains the authentic national chairman of the PDP. He said since the primaries that produced him as the candidate

of the party was conducted by the Sheriff-led PDP which the Abuja High Court ruled in favour of, it means that “I, Matthew Iduoriyekemwen remains the candidate of the party.” The PDP factional candidate who castigated INEC for behaving in a manner that shows it is particularly bias in an internal matter of the political party, described the commission’s action as “a theatrical comedy” because, according to him, the commission’s authority stops at being present at party primary election, which is not even compulsory, and supervision of election. “For INEC to say that we cannot monitor Sheriff for such important and significant assignment such as party primaries shows that the commission is bias because it was notified about the exercise even though the Electoral Act did not say INEC must be present during primaries.

the scheme should be liberated from the Treasury Single Account (TSA) to enable it’s function effectively. “We are aware of the issue of misappropriation by a particular HMO, meant to provide service. I don’t want the issue to be swept under the carpet. “We are aware that about 90million is involved. We urge you to forward this issue to the agencies that are saddle with the responsibility of handling investigation, especially EFCC where it can serve as a deterrent. “We are also going to write to the president to free the NHIS from TSA, because this is a specialised fund meant to provide service to workers in terms of need, therefore, it should not involve administrative process. There is usually no sickness that is predetermined,” he said. Wabba disclosed that the NLC is a foundation member of the scheme, stressing that there is

need to strengthen the NHIS to carry out its mandate. “NLC is the foundation member of the NHIS and I have also served on the board of the scheme. The mandate of the scheme is to provide health coverage to the entire Nigerian citizens. “Because of the way the scheme structured , workers agreed to part away with the 10 per cent of their medical allowance. To drive the scheme. People think the money generated for the scheme is free money, but it is not; it is from the working people of Nigeria,” the NLC boss said. Wabba called on the new Executive Secretary to sanitise the scheme so as to ensure coverage for all Nigerians. “You have been appointed to sanitise the system. At a time, I even have a cause to write to the president about the sleaze going on, the the funds are from contributors.

We expect an expanded scope of coverage. “I assure you that NLC will partner you towards strengthening the scheme for universal coverage where every citizen of Nigeria will be covered by this scheme. The public service workers who are the Guinea pigs, would expect also that their package will continue to improve as the funds of the scheme get improved,” he added. NLC frowned against using the funds to fund the building of private care centres because that is not the mandate of the NHIS. “We are still on our position that those funds should be applied in line with the provision of the law. Any attempt to try to divert the funds will be highly resisted,” he said. Speaking earlier, the new Executive Secretary of NHIS, Prof. Yusuf, disclosed that the scheme would soon put in place

a mechanism that will sanction all HMOs involved in the abuse of the NHIS laws. Yusuf explained that the era where impunity held sway was gone, as the new management team would ensure strict adherence to the laws governing the running of NHIS. He cautioned all HMOs doing business with NHIS to desist from abuse of the extant laws of the scheme, as NHIS will no longer tolerate the neglect of its core mandate. The NHIS boss said about seven State have agreed to domesticates the scheme for their workers. Yusuf listed the states to include Delta, Lagos, Ogun, Kwara, Cross River, Bauchi and Kaduna, calling on other states to follow suit by ensuring that their workers are cover by the scheme.

Past Governments Encouraged Over-profiteering in Power Sector, Fashola Alleges Chineme Okafor in Abuja The Minister of Power, Works and Housing, Mr. Babatunde Fashola, yesterday alleged that past governments of Nigeria largely encouraged business people to take advantage of the country’s power sector and it’s consumers instead of ensuring that the proper things were done to improve power supply. Fashola said in a statement last night in Abuja that the country’s power sector had been run by businessmen who wanted more profits but refused to follow the policy direction of the government on improving the capacity of the sector. The statement was signed by the ministry’s Director of Press, Timothy Oyedeji. It stated that Fashola took in audience the acting Executive Secretary of the Nigerian Investment Promotion Commission (NIPC), Hajia Ladi-Sule Katagum, when he said: “Until the Muhammadu Buhari’s administration came onboard, the nation’s power sector has been driven by business men who were mostly motivated by profit, hence over the years, no proper consideration for due process, respect for law and order, indeed sustainable policy direction has not been adhered to.” He noted that: “This has been

responsible for the proliferation of sub-standard equipment and materials, policy summersault, lack of consumer-centred interests, no data to aid planning, indeed lack of professionalism and concerted efforts in doing things right.” The minister however said that in today’s power sector under his watch, the government role has remained within the areas of policy, regulatory, safety and standards, training of specialised professionals to run the sector. He said those who want electricity meters installed in their homes and business premises should contact the various electricity distribution companies (Discos) in their locality, adding that no meter would be purchased for anyone or group by government. “The who is clear on this, for those that are desirous in investing in power plants they must start from Nigerian Electricity Regulatory Commission (NERC), where they are expected to get appropriate permits and licences after which they are to approach the Nigerian Bulk Electricity Trading Company (NBET) for Power Purchase Agreements (PPAs),” Fashola explained. He said: “It is expected that with PPAs, investors can access fund from banks and other financial institutions to secure financial muscle for their projects.”

EMERGING LEADERS

L-R: Board Member, United Bank for Africa (UBA), Mrs. Angela Aneke; Chief Executive Officer, Transcorp Hotels Limited, Mr. Valentine Ozigbo; Director, Group Business Development, Heirs Holdings Limited, Mr. Adim Jibunoh; and Author of the book: ‘The Alphabet of Leadership, The A-Z of Improving Your Leadership Effectiveness,’ Dr. Maxwell Ubah, during the launching of the book in Lagos Kolawole Alli

Militancy: Kinsmen Defend Jonathan, Accuse MEND of Sinister Motives Emmanuel Addeh in Yenagoa Former president, Dr. Goodluck Jonathan’s kinsmen, mainly from Ogbia, Bayelsa State, on Monday rose in his defence insisting that any plan to tarnish Jonathan’s rising international profile would be resisted by his people. They spoke yesterday in Yenagoa, the state capital, against the backdrop of allegations by some former militant groups, that Jonathan was the mastermind behind the violent Niger Delta Avengers (NDA) which has vowed to cripple the country’s oil and gas infrastructure in the Niger Delta. The Ogbia Brotherhood, one of the most influential groups from the axis, described the insinuations that the ex-president was behind the bombings as malicious, spurious, baseless and unwarranted.

The leader of the group, Chief Benson Agadaga, a former commissioner in the state, called on security agencies to unravel the masquerades perpetuating the economic sabotage and the smear campaign against the ex-president and put a halt to the propaganda currently going on. Jonathan’s kinsmen described the recent attack by the Movement for the Emancipation of the Niger Delta (MEND) on the person of the erstwhile president as ‘sinister,’ noting that no amount of mud thrown at the former president would erase his democratic credentials. At the press conference, the National Chairman of the body, who spoke on behalf of the executive members, said the allegations were not only false, baseless and mischievous but equally wicked. He urged the purported spokesman of the Reformed

Niger Delta Avengers (RNDA), perceived as the propaganda arm of MEND to look elsewhere for its persistent campaign of calumny against Jonathan. According to them, “The criminal and devilish intention and cheap propaganda” to rubbish the political status of the former president cannot be concealed with the hypocritical excuse of non performance and failing to develop the impoverished Niger Delta region. “It is unthinkable that the former President by an iota of imagination could be linked with sponsoring or even establishing an armed outfit like the NDA to antagonise the federal government where he has just served as President by the goodwill of all Nigerians. “May we add in unequivocal terms that the allegation lacks

substance and does not bear true reflection or semblance to the nature, original beliefs and intent of the prominent son of Ogbia who holds the revered title as Grand Commander of the Federal Republic of Nigerian (GCFR). “The Ogbia people, for instance, are not historically known for fanning the ember of war or reckless shedding of blood for any reason. Jonathan appears to have inherited his political disposition from our political father, Chief Melford Okilo of blessed memory,” the Ogbia Brotherhood stated. They described the former president as an embodiment of peace and stability, adding that from his antecedents, pedigree and actions, the former president exudes peace and was a firm believer in the sanctity of life and the unity and prosperity of Nigeria as an indivisible entity.

WEDNESDAY AUGUST 17, 2016 • T H I S D AY

CRIME&PUNISHMENT Robbers Attack CBN BullionVan, Kill Two Policemen, Injure Three Others Armed robbers yesterday attacked a bullion van belonging to the Central Bank of Nigeria (CBN) at Hawan Kibo hills, near Riyom in Plateau, killing two policemen attached to the van as escorts. The spokesman of Plateau Police Command, Mr. Terna Tyopev, told

the News Agency of Nigeria (NAN) in Jos that the van was ambushed by the robbers. He said three other policemen attached to the bullion van were injured. He added that the bullion van was carrying money from Jos to

Lafia in Nasawara State. “It was a clear case of ambush; they were attacked unexpectedly. “Policemen escorting the bullion van repelled the attack; unfortunately we lost two of our men on the spot, while three other were badly injured,” Tyopev said.

The PPRO however stated that the robbers were not able to cart away money from the bullion van “because our men responded vigorously; they reacted firmly,” he said, adding that the police had commenced investigation to arrest the gunmen.

In Brief Insecurity: Wike Urges Hotel Operators to Cooperate with Security Agencies

Rivers State Governor, Nyesom Ezenwo Wike, has appealed to hotel operators in the state to cooperate with the state government and security agencies by providing necessary information on guests in their respective hotels. Wike said such information would assist security agencies to track down wanted criminals and improve the security of lives and property. Speaking at the Government House, Port Harcourt , when he granted audience to the Nigeria Hotel Association, Rivers State chapter, the governor said it would be counter-productive for the hotel operators to hide relevant information from the state government and security agencies. The governor said: “You must support us to enhance security. You must relay to government and security agencies those who are logding in various hotels. If you allow persons with questionable character to come and lodge in your hotels because of money, you will be at the receiving end when criminals engage in their nefarious activities.” He urged the hotel operators to pay their taxes so that the state government can continue with its infrastructural development projects which will lead to increased patronage for the hotels. He said: “Your businesses are growing as a result of the several conventions and conferences being attracted to Port Harcourt. This week you will play host to PDP delegates and next week thousands of lawyers will be in the state. All these people will lodge in hotels.” In his remarks, Chairman of the state chapter of the Hotel Association of Nigeria, Mr. Eugene Nwauzi, applauded the state government for creating an enabling environment for hotels to thrive in the state.

Customs Seizes Smuggled Goods Worth N4.9bn in Six Months

FORGING LEGISLATIVE-EXECUTIVE HARMONY

Yobe State Governor, Ibrahim Gaidam (right), in a chat with the Speaker of the state House of Assembly, Adamu Dala Dogo, during a workshop organised for retiring and retired civil servants in Damaturu ...yesterday

Tax Default: FIRS Seals Companies in Lagos, Kano, Onitsha Kunle Adewale The Federal Inland Revenue Services (FIRS) yesterday stepped up its tax enforcement duties, shutting company offices in Kano, Lagos and Onitsha for non-payment of outstanding tax liabilities In Kano, the FIRS enforcement team led by Mr. Umar Garba, sealed off Sani Brothers Transport Company Limited, Triumph Nigeria Limited, Multi System Nigeria Limited and NorthWest Cable Manufacturers Limited. The companies are owing N12. 3million, N6.5million, N3.3million

and N5.8million respectively. At each of the company offices, Garba read relevant laws empowering the FIRS to shut down their operations. He also told staff of the companies that he was relying on figure from the FIRS. In Lagos, the enforcement team sealed of the office of Secure ID Limited, situated at 2, Olawale Dawodu Street, Ikoyi, over a tax liability of N151million. In Onitsha, the warehouse of Next International Company was sealed. The company has tax liabilities

of N20.4million. The breakdown showed that the company has failed to pay Company Income Tax, Withholding Tax and Education Tax since 2006. Prior to yesterday’s installment of the enforcement exercise, the FIRS had shut down company offices in Lagos, Abuja, Asaba and Onitsha. In Abuja, the office of Urban Shelter Limited, a property development firm, located in Shippers Plaza in the Wuse Zone 5 Area of Abuja, was shut over a tax debt of N637 million in arrears

of taxes accumulated between 2008 and 2016. In Lagos, the office of Venro Energy Limited, situated at 250B, Ikorodu Crescent on Dolphin Estate, Ikoyi, was shut over the company’s tax debt of N29million. Also sealed was the office of Enegas, situated at 14 Oladipo Diya Street, 2nd Avenue Estate in Ikoyi. In Asaba, the FIRS sealed the premises of Davnotch Nigeria Limited for failure to meet its tax obligations totaling N34.5million and comprising Company Income Tax, Education Tax, Withholding Tax and Late Return Tax.

Shooting in Abuja Estate: Residents Petition Minister, Police, DSS Jessica Odemwingie in Abuja Residents of Winning Clause Estate, Gwanripa in Abuja have petitioned the Minister of the Federal Capital Territory (FCT), Alhaji Muhammad Bello; Inspector-General of Police (IG) and the Department of State Services (DSS) over the invasion of the estate by some gunmen recently. They also appealed to the authorities to investigate how former FCT Minister, Bala Mohammedsuspiciously reallocated a plot of land with over 300 duplexes to a disputable estate developer, Winning Clause Limited. In a letter dated July 15, 2016, addressed to the minister and the security agencies, which were made available to journalists in Abuja, the residents said their action became necessary in view of the unwholesome development which the estate developer, the

management of Winning Clause Limited, had foisted on them in the past few years. The petition added that the residents became alarmed when the management of the estate relieved the security company they contracted of their assignment and unilaterally employed an unknown company, whose staff no one could vouch for. According to them, “Sadly and suddenly, we recall that some high profile and yet unresolved dangerous robbery attacks started taking place-two dangerous attacks on home of the association’s general secretary. ‘’Indeed, we recall that some members of the task force created by the estate developer have been interrogated at the Gwarinpa Police Station while the police were investigating one of the robbery attacks.’’ The residents added that on May 28, a resident,

who owns House A35 in the estate, Mr. Okonkwo, also reported that the Managing Director of Winning Clause, Mrs. Oby Okwubanego, caused some gunmen to invade his premises and beat up his private security guard while her thugs shot severally, adding that the incident was reported to the Gwarinpa Police Station. Requesting the minister and the security agencies to stop every attempt to endanger the security of lives and property in the estate, the residents also questioned the process leading to revocation of Plot 67. The estate, which was originally allocated as a mass housing estate to ProForm West Africa and is run by Saraha Homes Limited, according to the petitioners, was reallocated by the administration of former Minister of FCT, Mohammed, after the estate had been fully built to Winning Clause. They said the resultant legal tussle

that ensued later led to a consent judgment at the FCT High Court which ceded the estate to Winning Clause, saying Winning Clause had refused to obey the consent judgment. According to the petition, “Since the takeover of the estate by Winning Clause effectively from 2012, the estate has not known peace. ‘’The residents have suffered imposition of undue charges, taxes and thuggery. On several occasions, members of the estate have lodged reports at the Gwarinpa Police Station concerning unwholesome activities of the estate developer. ‘’We have argued against her imposition of administrative charge of N99, 000 per annum aside the agreed N120, 000 service charge annually. But the Developer had on June 8, 2016, locked in many residents for failure to pay the administrative charge,’’ they said.

The Nigeria Customs Service (NCS) has said it seized smuggled goods worth N4.9 billion from January to June. The Public Relations Officer of NCS, Mr. Wale Adeniyi, disclosed this yesterday in an interview with the News Agency of Nigeria (NAN) in Abuja. He said this was against the N3.1 billion seizure made in the same period in 2015. Adeniyi said that Cost, Insurance Freight (CIF) was valued at N4.0 billion while duty was N932. 5 million. He added that 252 arrests were made by the service within the period as against 240 in the same period in 2015. “The service seized goods worth a duty paid value of N4. 975 billion in six months. “The total number of seizure made from January to June this year was 3,066 as against 5,485 in same period in 2015. Adeniyi said the increase of N1.8 billion in the duty paid value of seizure was due to fiscal policy implementation. “We (customs) have renewed commitment to fiscal policy implementation. “Rice seizures account for over 70 per cent of our seizures as we still have intelligence about thousands of metric tonnes landed in Benin Republic. “We (customs) are raising the stakes to create huge disincentives to smuggling of rice and other prohibited products,’’ he said.

Apex Ijaw Group Accuses DSS of Abducting N’Delta Activist

The Ijaw Youth Council, Worldwide (IYC) yesterday cried out over the ‘disappearance’ of the spokesman of the Ijaw Peoples Development Initiative, Mr. Daniel Ezekiel, who was said to have been picked up by operatives of the Department of State Services (DSS) over a week ago. IYC, the umbrella body of all youths of Ijaw descent, in a statement in Yenagoa, Bayelsa State, by its factional leader, Mr. Elvis Donkemezuo, yesterday, decried the silence of the DSS since the arrest of the rights activist. The group urged the federal secret police to either charge Ezekiel to court or set him free immediately to continue his agitation for the development of the Niger Delta region. “Our attention has been drawn to the unlawful abduction and detention of an Ijaw Youth, Niger Delta activist and social commentator, Daniel Ezekiel, by men identified to be Nigeria security operatives over undisclosed offences. “Daniel who hails from Egbema community in Warri North local Government Area of Delta State is said to have been arrested by security men around 8p.m. on August 3, 2016 in Warri. “According to family sources, he left his home after receiving a call from a strange lady known simply as Precious and has neither been seen nor heard from since then. “His family and friends are alleging that he has been arrested by the DSS due to his vocal stance against the unlawful arrest and detention of 10 youths from Gbaramatu Kingdom,” the group alleged. According to the IYC, all efforts to reach the spokesman of IPDI, have been fruitless, noting that that even if the man was guilty of any offence, due process should be followed in dealing with him. “As of today, all efforts to reach Daniel have proved abortive as no one has been able to ascertain his whereabouts. Given that the government is yet to deny having him in their custody, we call on the government to effect his immediate release. “Nigeria is a nation governed by laws enshrined in the 1999 Constitution which guarantees the right of all citizens to freedom from arbitrary arrests and detentions like this. “If the government has evidence of commission of any crime against Daniel, then he should be availed his right to legal representation to respond to such charges in an open court rather than lock him up in secret”, the group added. While declaring its support for a legitimate fight against militancy and other forms of criminalities in the Niger Delta region, the IYC said that the war must be seen to follow the rule of law. “We, therefore demand that he should be charged to a court of competent jurisdiction to determine his guilt or innocence. Otherwise he should be released immediately.

T H I S D AY •WEDNESDAY AUGUST 17, 2016

WEDNESDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

Under-23 Team Battles Germany for Final Ticket

Duro Ikhazuagbe in Sao Paolo Nigeria’s march to another football glory will get further boost this evening at the Arena Corinthians in Sao Paulo, Brazil when the Under-23 Team takes on Germany for a place in the gold medal match on Saturday. Coach Samson Siasia and his wards have come against all odds to get this far in the men’s Olympic football here in Brazil. Just like the class of 1996 that won the gold for Africa for the first time, history is about to be rewritten as the John Mikel Obi led squad file out against the Germans. Yet, this was the same team that left Nigeria like orphans for a training tour of Atlanta. The story of how they were left stranded in Atlanta because money was not remitted for their flight to Brazil from Abuja is no longer news. But the Never-Say-Die Nigerian spirit has continued to be the driving motivation for the boys. They arrived Manaus, venue of their opening Group B game against Japan barely five hours to kick off yet surmounted all odds to pick maximum points. The next game against Sweden appeared easier. Having rested enough from the fatigue of three-day going back and forth at the Atlanta Airport, Mikel led his colleagues to consolidate at the top of the group on six points with the 1-0 defeat of Sweden. The last game against

Colombia was not necessary so Siasia gambled, playing those who have not tested action in the first two games. The loss to Colombia had no collateral damage on the team but was suffice to let Siasia who is aiming to go past the silver he won at Beijing 2008 know the quality of his reserve bench. Of course, the quarter final clash with Denmark was never going to be a stroll in the park for Nigeria as the Danes had similarly shown flashes of quality in their group battles. Goals from captain John Mikel Obi and Aminu Umar however steered the African champion for today’s semi final battle with Germany. Will the Never-Say-Die spirit continue to steer the Nigerian dream of an encore even in the face of a great opposition like Germany? Hrubesch Horst’s side reached the semi final dispatching highly rated Portugal 4-0 in the quarter

Nigeria’s Under-23 captain Mikel Obi with team mate Ezekiel celebrating one of the goals against Denmark final. Unlike the Nigerian team, Germany has not lost a game in this tournament. How Siasia is going to be able to seal his leaking defence line to prevent Germany’s star player, Serge Gnabry, from causing havoc is going to determine how far the Nigerian Under-23 lads can go this evening in reaching the final. Gnabry who plays in the wing for Arsenal in the English

Premier League has scored in each of the four matches played by Germany and is leading the scorers sheet on six goals. Meanwhile one of the footballers ordered home from the Rio Olympics has lamented how they were thrown out of the team’s hotel and had to spend their own money to pay for the two nights they spent in Brazil thereafter before they flew

out to Nigeria. Cash-strapped Sports Ministry officials Nigeria authorities ordered two alternate players Stanley Dimgba and Yusuf Mohammed as well as several officials to head home because they could no longer pay their way. “God will fight my fight for me. It was heart-breaking when we were told to quit the team’s hotel in Sao Paulo,”

said the player, who did not want to be identified. “When you returned to Sao Paulo (from Salvador) they gave rooms to only the 18 players registered for the competition and even some team officials did not get hotel rooms too. “For the two extra nights we spent in Brazil, we had to pay with our own money for our hotel and feeding. “That is life for you.”

Former FIFA President Pinnick,Kanu Drum Support for Glory-seeking Under-23 Havelange Dies Brazil’s former FIFA President, Joao Havelange, has died at the age of 100 years. Brazilian media yesterday quoted a Samaritano Hospital in Rio de Janeiro spokesperson, Andresa Feijo, to have confirmed the news of the death of the man who helped his country get the hosting of the Olympic Games. Samaritano was where Havelange had been treated for pneumonia last month. The influential Brazilian was president of the Brazilian Sports

Confederation from 1956 to 1974, and head of world football governing body FIFA from 1974 to 1998. He helped Brazil win bids to host the 2014 World Cup. Havelange is credited with helping transform football into a global success story, but his legacy has been tarnished by serious corruption allegations. He resigned as honourary president of FIFA in 2013 after a report found he had taken bribes.

President of the Nigeria Football Federation (NFF), Amaju Pinnick, who arrived Sao Paolo ahead of today’s semi final clash between Nigeria and Germany believes Coach Samson Siasia can come up with the formula to steer the Dream Team to the final. “As a federation, we have always had confidence in Samson Siasia. We believed in him enough to appoint him to head the Under-23 crew and gave him all the support, including organising several friendlies and invitational tournaments for the team over the past 18 months. “When there was a sudden vacancy in the Super Eagles and we had two crucial

matches at hand, we called on Samson Siasia. Personally, and as NFF President, I have confidence that Siasia can take the team to the final match on Saturday,” Pinnick said yesterday morning. Similarly, Atlanta ‘96 Goldwinning Captain Nwankwo Kanu has called on Nigerians to rally behind the team when they face Germany in today’s Rio Olympics semi-final on their way to going all the way again. The two-time African Footballer of the Year, said the coach Samson Siasia-led side was on the threshold of history and must be supported to go and win yet another Olympic soccer Gold 20 years after they

first achieved this feat. “The Olympic Eagles have done well and they deserve a pat on the back; and I want to use this opportunity to call on well-meaning Nigerians to support them at this point,” began the former Arsenal striker. He continued: “Coach Siasia has done really well despite all the challenges they have faced and I want to commend captain Mikel Obi for leading by example and everyone in the team has done well.” Kanu said the team must be on top of their game and surmount Germany so as to qualify for the Gold at the weekend, adding the players need prayers as well.

“We are just two matches away from making history as the first African country to win the soccer gold medal twice after we won 20 years ago in Atlanta,” he said. “Now is the time to support them with our prayers so that the team could make us proud again.”

MEDAL TABLE COUNTRIES USA Britain China Russia

G 28 17 15 12

S 27 17 15 12

B 27 10 18 14

(As at midnight August 16)

Frot Group Redeems N1m Pledge for Wheelchair B’ball Championship

Late Havelange

Organisers of the annual Hon. Victor Ochei Wheelchair Basketball Championship have promised to make this year’s edition of the competition a memorable one. Former Speaker of the Delta State House of Assembly, Hon. Victor Ochei, bankrolls the Championship. This year’s edition was originally billed to hold between September 19 -24 at the Molade Okoya-Thomas Indoor Sports Hall of Teslim Balogun Stadium, Lagos, but the President of Wheelchair

Basketball Federation of Nigeria, Bukola Olopade said yesterday that it had been moved to October 3-8 to allow the players focus on the forth coming Paralympics Games in Rio, Brazil in September. Olopade hinted that some sports-loving Nigerians, who pledged various financial supports towards the successful hosting of this year’s edition of the championship, have started to redeem it. In particular, Olopade, a former Sports Commissioner in

Ogun State, was full of praise for the owner of Frot Group, Frank Momoh for redeeming his pledge of N1 million. He said: “Frank Momoh is one of the pillars we have in wheelchair basketball. He has been supporting the Victor Ochei Wheelchair basketball championship in the last four years. As we speak, he has redeemed the N1million pledge he made towards this year’s edition and we are very grateful to him. I can also tell you that some other Nigerians are coming to our

support. We will make this year’s edition a memorable one,” Olopade stated. Apart from his support for wheelchair basketball, Frank Momoh is also a supporter of table tennis and football. He was the only Nigerian who gave financial support to the duo of Segun Toriola and Aruna Quadri during their preparation for the on-going Rio Olympics Games. Momoh also gave the sum of $2,500 to Aruna Quadri for reaching the quarterfinal stage at the Olympics.

Wednesday August 17, 2016

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Hosea to Buhari Administration

”This government is very clueless more than the previous government because of their empty promises. In the history of Chibok, we have never voted the government in power but this government got our votes on the understanding that it would bring back our daughters. Because of this issue, the Chibok community wholeheartedly voted Governor Kashim Shettima and President Buhari into power” – Chairman of the Chibok community in Abuja, Tsambido Hosea, decrying the Muhammadu Buhari administration, stating that it is more clueless than that of the former President Goodluck Jonathan on the rescue of the missing Chibok girls.

KAYODEKOMOLAFE Crunching Figures, Chewing Food THE HORIZON

kayode.komolafe@thisdaylive.com

he launch of the agricultural policy of this administration two days ago is, at least for one reason, cheery news from Abuja. The public presentation of the policy document is an appropriate response to the clamour for policy articulation on the part of the federal government. Critics have rightly insisted that the 15-month old administration of President Muhammadu Buhari cannot bring about change in a policy vacuum. The nation should be shown a direction using the instrumentality of policy. The fact of the Nigerian condition is that people’s patience is running out fast regarding the meeting of the huge expectations in different departments of national life. For instance, given the scourge of hunger plaguing the land, it would be expected that the roadmap, entitled The Green Alternative (Agricultural Promotion Policy 2016 - 2020), should have come a year earlier. However, it is better late than never, as they say. To be fair to the Agriculture Minister Audu Ogbeh, snippets of the policy have been public knowledge in his valiant attempts to articulate the agricultural policy of the Buhari administration in the last few months. You may say that there is no food yet on the table, but you certainly cannot deny that Ogbeh has eloquently crunched some numbers when diagnosing the malaise afflicting the agricultural sector. If farmers in the field could do well with production as Ogbeh is doing with agricultural statistics, hunger would be banished in this land. Here is Ogbeh in his usual number crunching mood: “Food has many species and varieties; we import about 40 to 50 per cent of the rice we eat; at a time it was almost 100 per cent, costing $5 million daily. That has been the situation in the last 20 years. “We still import almost 70 per cent of wheat for bread?. We import about five million eggs per day from South Africa and some other countries. But we don’t import yams, garri and we don’t import beans. We use to import beans from Burkina Faso but that has stopped. We don’t import chicken although smugglers are quite busy every day. We import fish worth $600 million annually, but this is on the decrease because local fish production is increasing… “We import honey to the tune of about $100 million per annum; we still import cookies and biscuits and even toothpick but all these did not happen in one day. The idea is to reduce these imports.” The administration intends to negate this trend of grim statistics with the alternative green policy. Among the thrusts of the policy, which farmers have welcome heartily, are self-sufficiency in food production (another phrase for food security); job-creation; diversification of the economy in the agricultural sector; export of agricultural exports and discouraging food importation. The policy targets include growing the agriculture sector at the rate of between six per cent and 12% yearly. Other targets include raising the agriculture share of the Gross Domestic Product (GDP) to 23% and increasing the share of the labour force to 70%. In practical terms of implementation, Vice President Yemi Osinbajo said 100, 000 of the 500, 000 persons to be employed by the federal government would be trained as agricultural extension officers to train farmers in how to boost productivity. The Bank of Agriculture (BoA) would be repositioned by the federal ministry of finance to provide loans to farmers at single-digit interest. Local production of improved seeds would be encouraged.

Ogbeh According to Osinbajo, the new policy “is built” on previous ones. This is also a welcome development. Although statistics might have varied over the years, the diagnosis of socio-economic ailment in the agriculture is as old as the Nigeria’s development debacle. Today’s policymakers should be sober for a reason; there is nothing being said about the problems of agriculture now that was not said decades ago. Yet the problem has stubbornly persisted. Interestingly, senior journalist, Mohammed Haruna, reproduced in his column last Wednesday a June 29, 1974 editorial of the New Nigerian, which stressed the primacy diversification into agriculture. The important editorial said inter alia: “We could deploy considerable energies and resources in producing a commodity which is more important than oil: food. We must at all costs get agriculture on the move again. There are millions of acres lying fallow when they could be used to grow food for our burgeoning population. The setting up of two River-Basin Commissions is a great step in this direction (although the staffing has ensured that the two schemes would not take off for some time)… We may not have oil in 50 years. But to survive we must have food. The ground work can be done now.” Since that editorial written 42 years ago, different administrations have articulated agricultural policies. The military government of General Olusegun Obasanjo had his Operation

0805 500 1974

Feed Nation Programme (OFN) in the 1970s. The OFN suffered from serious policy disarticulation. The Second Republic administration of President Shehu Shagari came up with the agricultural policy called Green Revolution. The River Basins located in some places in the country remain a monument of that agricultural “revolution.” The late Marxist sociologist, Professor Nkenna Nzimiro, made a sharp critique of that policy in a book entitled “Green Revolution or Modernisation of Hunger?” Incidentally, Ogbeh was a young minister in that administration. Economic diversification in the agricultural direction was a strong aspect of the Structural Adjustment Programme (SAP) of the military government of President Ibrahim Babangida. There was the emphasis on agricultural exports. In the process, commodity marketing boards were erased. Indeed, Babangida established the Directorate of Foods, Roads and Rural Infrastructure (DFRRI). Some DFRRI projects such as boreholes in remote villages remain footprints of the Babangida era. More recently, the policy objective of the administration of President Goodluck Jonathan in his Agricultural Transformation Agenda was to make Nigeria an “agriculturally industrialised” nation. The policy targets of the Jonathan administration of reducing food imports while boosting local production are very similar to what we have on display now. And Ogbeh’s predecessor, Akinwunmi Adesina, did a quite a lot of number crunching admirably too during his own time. So the problem with agriculture is not what some experts have just discovered in a policy laboratory. This administration has, however,

taken a wise step by paying attention to what happened before now in terms of agricultural polices. The administration should clinically ask the question: what went wrong? The errors of the past in terms of policy conceptualisation and implementation should be avoided for the success of this “alternative green revolution.” That is why the farmers and other stakeholders involved in giving effect to the policy must be robustly engaged as partners in progress by the government. Government should work with those in the field and not seek to impose things on them. At least, that is one lesson that could be readily learnt from the past policies. Besides, what Ogbeh is doing in the agricultural sector would only make meaning in the light of the overall strategy of socio-economic development that is yet to be articulated by the administration. Food security is one of the goals of such a strategy within a framework. There are also linkages between that goal and the strategic goals in other sectors. A good reading of Nigeria’s economic history would show that policymakers in the past had played with statistics of agricultural development. There is still an ominous gap between the agricultural statistics reeled out by policymakers and the reality of food security. What is, therefore, expected of this administration is the change from the practice of policymakers merely crunching figures of agricultural production to making policy result in people actually chewing some grains at the dinner table. It is in the supreme national interest to wish Ogbeh well in performing this all-important task.

What is expected of this administration is the change from the practice of policymakers merely crunching figures of agricultural production to making policy result in people actually chewing some grains at the dinner table

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